Ann: Preliminary Final Report, page-14

Hi Doc,

Glad to hear from you.As always, your detailed info is much appreciated. As far as EWC’s Indonesian operations are concerned, I understood that, firstly the Indonesian election results need to be certified and then, once a new Cabinet has been appointed in mid October 2019, tangible progress can be expected. In the meantime, the public support of South Sulawesi’s Governor and Wajo’s Regent for EWC’s lng plant and future expansion plans re: Sengkang gas field etc are certainly encouraging and will assist resolution of outstanding issues and timely execution of expansion plans.

In relation to thefinancial info in EWC’s 2019 Prelim. Annual Report,

I note that today’sclosing price (7.6 cents) equates to EWC shares trading at 3.3xEPS (EWC’s EPS =A$0.022) (1.8billion shares and A$ net profit of A$40.8million (ie. (US$27.588times 1.48 = A$40.8million). Assuming a rather conservative EPS multiple of 10,EWC’s current share price looks extremely undervalued. This does, of course,not take into account any future income/profit from the AGL (Eromanga/Gilmore)operations which will commence in 2019/20 let alone Indonesian or Philippinesprojects.