I do not know what GCS was expecting. There is nothing in the...

I do not know what GCS was expecting. There is nothing in the report that is unexpected. The Indo power and gas numbers reflect the PSC and PPA as it always has. EWC only sells gas to to EWC for electricity generation. The numbers reflect electricity offtake and the repayment of the project finance. The PSC will continue to be of value, but I expect the PPA value to fall away on renewal.

However the "story" has never been about the equity component of the Indo power plant and gas field.If anyone has invested for the existing plant alone I would question what the h3ll they are thinking.

The bet has always be using "stranded" gas in the indo gas field by exporting LNG created via modular LNG trains. The Phil gas receiving and power station create an end to end use. This story has not been executed well, bu it is still in place.

Complaining the earnings on the PSC/PPA is failing is a ***.