Hey Mont,I think SE is always upbeat and a good salesman but i'm...

Hey Mont,

I think SE is always upbeat and a good salesman but i'm not sure of the 'progress' he'll be selling.

At last year's AGM we were told the status and timeframes for the projects you're speaking of ( except Cuban 1 drilling ) and the current status of each of those is behind what we were told in fairly substantial ways-

For Instance-

Abbot Point LNG
At AGM we were told EWC managment were heading up there the weekend after the AGM for discussions with Qld Govt Officials. EWC had a site in mind and within the next month were going to announce the order of more equipment from Siemens and Chart to build 2*500mta trains for Abbot Point or if failing that they would be used at Sengkang.
In reality Abbot Point LNG has gone nowhere. There was an announcement made at the time and the Qld Gov has it on their books (with an open time-frame )but thats it.As far as Townsville people are concerned the project is dead or non-existant with no credible business media ever mentioning it.

Sengkang LNG
At AGM we were told the site land had been purchased with clearing and siteworks starting in janurary09.All necessary liciences were in place and reserves had been independantly certified.We saw nice pictures of EWC management with various heavy equipmentready to be shipped.Production by late 09.
In reality the site has apparently just settled and 'maybe' preliminary site works have begun.Apparently still delay for liciences and permits and re-certification of reserves.Timeframe unsure.

Sengkang Power Upgrade
At AGM we wre told everything in place for next 60mw upgrade to be completed in may09.
In reality not sure as there is no news.

So Mont while i am a reasonably large holder of EWC and have been pleasantly suprised by the recent run-up in the sp, I'm not sure how SE is going to be able to keep selling the " Major National Roadshow rolling out the latest exciting updates on all major EWC projects ". unless we have some actual 'exciting updates '.

Maybe some positive news is just around the corner ( as i said the sp has been climbing) but I think EWC need to make some definite ASX announcements showing progress before Stewart sells too much more.
I also think the other stuff is a bit of a sideshow atm, if we can't get Sengkang LNG to work then we're probably stuffed.

Regards Shamish

Re