bpmigas meeting?, page-41

Hey Bundy,

Very funny as usual.

You've got to love the EWC insiders, no matter how many times they post secret squirrel info which turns out to be wrong they show no shame in backing it up with even more outrageous tips.

How about we hop off the dreams-r-us platform and onto the logic train and ride for a few stations -

A few months ago Brian and Stewart told me personally that they didn't need BPMIGAS to progress the project, a few weeks ago Brian was quoted in the Jakarta Post saying the same thing and that BKPM support was all they needed.
I say this as background because it reinforces the very fluid regard EWC seem to have for consistency and accuracy of information provided.

We all assume TG did impressive due dillegence before signing HOA which given their background in Indonesia you would think meant at least meeting and seeking some endorsement from BPMIGAS and R. Priyono.

The HOA was not even out for a day before drawing a stinging public rebuke from at least a few levels of BPMIGAS, a rebuke which to date has not been publicly withdrawn by BPMIGAS or officially commented on by Tokyo Gas.

Now the inference from this would have to be that maybe TG's due diligence wasn't quite as comprehensive as we all had hoped and the announcement certainly suprised BPMIGAS.

So just after the HOA and related rebukes were announced we had the EWC Booster Squad saying that the rebukes were issued by low level knuckleheads who would soon be shot and in any case SE met SBY in Sydney and pre-sorted it and also TG is a hugely experienced company who could not have possibly signed the HOA without getting BPMIGAS onside.
( I was actually keen on this theory also )

But after a few weeks of silence the Booster Squad tell us that nothing was actually sorted beforehand ( Maybe Tokyo Gas bought Brian's line that BKPM was in charge ? Big mistake.) and that everything hinges on a BPMIGAS meeting that took place last week that fortunately Mont and Bundy can advise us went very well.

Now given BPMIGAS's public reaction and lack of retraction is it likely that SBY or Priyono knew too much about the HOA before the announcement.You would think a mid level BPMIGAS official would quickly defer if he thought his pronouncements were counter to SBY's or Director Priyono's leanings.
So we have to infer there was no consultation with BPMIGAS before the HOA announcement and from that we infer that TG did crap due diligence and thus any credibility the HOA gains from it's association with TG is lost.
Sadly that means the HOA announcement relies entirely on the integrity ,reputation and credibility of EWC.
As a long time holder this is not reassuring.

As usual everything above is true and Bundy even though i don't short EWC myself , any shorter would have to love a company where simply stating facts and repeating inconsistent company announcements leaves a negative view.

regards Shamish