Ann: Update on Sengkang LNG Project , page-2

So now the sideshow about the existence of the equipment is over, we can go back to financing.

By my reckoning they are going to say that the $88m drilling and devepment programme will be funded by the eees facility arranged last year. The power plant expansion and some of the debt has been repaid/financed via the $200m facilitity. They have drawn about$156m of these and have $49m of reserved cash. This might give them between $130m and $180m to finish the drilling and power plant which is expected to be about $170m. Worse case they need $50m equity.

With respect to the LNG they have about $125m to go. If they get the project finance facility they are saying they can release cash, some of the $225m they have put in which could go towards any shortfall above.

Failing that they have about $180m in cash and probably $25-30m in cash generated over the last six months to cover that capex.

I don't know what will happen with the $125 corporate facilities and matching $125m restricted cash.

The balance sheet on 31 August for end June will be interesting.

In the meantime, thanks Stewart and Brian for the improvement in communication.