What a change a few days make: from the 16 September 2011 to the...

What a change a few days make: from the 16 September 2011 to the 19 September 2011 presentation!!!

In my opinion this latest (19 September, 2011) CLSA presentation looks much more impressive:
First: the four ?far out? projects (Sri Lanka, LNG South Australia (Port Bonython) and Western Province, PNG, and floating LNG) have all been dropped.
Second: an acknowledgment that lng prices for Asia have increased dramatically over the past few months (up to US$17 per MMBtu). Reports by a number of independent analysts refer to spot prices of US$20 per MMBtu for LNG delivered to the Asian region and that lng demand in Asia will further rise with a critical shortfall until 2018. This, in my opinion, signals the potential that revenue from the Sengkang facility may well provide an EPS of 15cents for 1mtpa.
Third: a good selection of critical data, including time table, costs etc are provided for each project.
Fourth: detailed information provided for each listed projects are pertinent and allow for an appreciation of the feasibility/economics of each project (eg. Sengkang power plant: timetable, revenue, cost figures for 195MW and 315MW power station. Sengkang LNG facility: uncommitted gas reserves (380 BCF) available for Sengkang LNG plant, with 50BCF/p.a .required for 1mtpa LNG, drilling program to locate gas reserves of between 5-7TCF covering PSC to commence in 2012, re-statement of business model (namely to phase development of gas field/lng production so that revenue from initial lng production pays for capex).
Fifth: re-statement that Indonesian LNG project is fully funded.
Six: tangible progress reported re: Gilmore mini LNG plant (56,000tpa), in that plant has been shipped and 56,000tpa lng plant will be installed in 2012.
Seven: update on Abbot Point and PNG (Gulf province) projects in that EWC is finalizing land purchase large enough for up to 10mtpa Abbot Point LNG plant and PNG (Gulf province) lng project possibly expanding from the current 3mtpa to up to 8mtpa.

All in all a much improved presentation.