Two other LNG projects have raced past them showing its possible to do projects in the Philippines ...with the right local expertise.
A term sheet with a bank sounds positive but I think we heard that before and it failed to proceed as EWC was unable to conclude all the required conditions.
As the equipment installed continues to deteriorate and be superseded ...it might be time for the Directors to swallow their ego's and bring in a partner capable of remediating that mess. (Better to get some cents-on-the dollar... than full value of nothing.)
EWC Price at posting:
3.5¢ Sentiment: None Disclosure: Held
