Coming back to substantive matters re: ASX queriesconcerning EWC/Hankuk settlement.
A. Good news on the financial side re: support for EWC:
EWC25 June 2024 statement in reference to section 1.d. (v) “….its (EWC’s) majorshareholders have committed to financially support the Company in anycircumstances” and 1.d. (v) “ie…given the pre-budgeted amounts relating to theDelivered and Undelivered Goods and the support ofits major shareholders, the financialimpact of the Orders is, in essence, minimal on the Company” has lived up to itsclaim re financial support of tis major shareholders as EWI has provided a A$20million loan and, in addition,EWI and Slipform loan/debenture agreements originally due June 2025 have beenextended to June 2026 (see EWC ASX release dated 3 July 2024.
B. Lack of newsand transparency on four other related matters:
1.Eromanga. Given the fact that the
a.November 2022 CR included funds to bring this gas field into production
b.CR did not raise enough funds tocomplete all envisaged projects
c.Funds received from the sale of thePLN power plant more than compensated for the shortfall of the Novemver 2022 CR
EW’s silenceon any progress re: monetizing Eromanga gas field is disturbing. Perhaps the nowrevealed fact that Hankuk, until the full outstanding amount ie. US$6.3millionplus has been repaid, has secured this debt against the assets held byAustralian Gas Field Ltd. has been and until about the end of 2024 will remain tobe the major impediment. Clarification by EWC’s of its timeline re: commercial operations of Eromanga gas is urgently required and is clearly required in the interest of transparency and good governance.
2.12km transmission line for Pagbilaopower plant to Pagbilao substation.
Again EWC November 2022 listed this project as a major priority. No updateshave been provided, including whether all parcels of land re ROW have beenpurchase as well as whether all areas required to build to pylons have beenpurchase.
3.Given the lining for the its PagbilaoLNG hub terminal will be fully owned by EWC by the end of 2024 an update as towhen this lining is scheduled to be installedwould assist in the market being informed in a timely and transparent manner.
4.Landbank US$165m loan facility. Arenegotiations on the alleged ‘technical matters outstanding” still progressingor has Landbank terminated these discussions. Does the financial support of EWC’s major shareholders “…to financially support the company in any circumstance…” extend to providing the required funds in support of completing its Pagbilao power plant, LNG hub terminal and 12km transmission line?
Looking forward to hearing from hc members who may be shed some light on these issues.
