Ann: Preliminary Final Report, page-2

Thepositive

A. EWC’scommitment:

1. to supply required info to ASX by deadline. “Itis the Company's intention to provide documents as may be required to the ASX on29 September 2023, which is the date for the lodgement of the Compan‟s AnnualReport.”

2. To progress gas sale agreement withPLN. “A subsequent interim agreement covering gas deliveries from 1July 2023 until 31 December 2023 is being processed and expected to be signedin September 2023. Following these Interim Agreements, the Company anticipatesthat a longer-term agreement with PLN (up to 10 years) will be contracted.”

3. Topay the remaining US$5.8m to SCB. “TheGroup anticipates extinguishing the remaining balance via proceeds from gassales under the forthcoming interim gas sales agreement.”

B. EWI and Slipform extended theirloan period for another 12 months. “On 29June 2023, the loan period for both the Slipfom loan and EWI loan was extendedto 30 June 2025.”

Thenegative

1. Therewere no substantive updates on progress re:

a. Philippines Power plan, lng hub or transmission line, and

b. Eromanga/Gilmore since 2022 AR.

2. Noupdates on whether (and to what extent) the funds received from CR and sale ofSengkang power plant were used to progress of Philippines and/or Australian projects.According to EWC’s own projections (Nov 2022 AGM presentation) for example,A$19.1million was needed to complete Eromanga. US$29.8m (approx. A$45m) wasreceived from sale of Pagbilao power plant, more than enough to complete Eromangapost haste. CR funds received have also been projected to be used for Eromangaand Philippines. (Overall about A$40million (Nov 2022 AGM presentation) wasneeded to complete Eromanga and 12kms transmission line). Funds received fromsale of Sengkang power plant and CR exceeded this capital expenditure of A$40m,yet no updates have been provided by EWC since these funds were received.

Theimperative

I think that, for the ASX to allow share trading toresume, the following need to be satisfied:

1. EWCcannot be in default, whether ‘technical’ or otherwise.

2. 12monthscash flow forecast must be positive.

3. EWI/Slipformletter of financial support must have been received by EWC.