michael west at it again..., page-3

To paraphrase Maurice West’s own comments:
Take this, Mr. West:

Mr. West:
How was its ''successful Alice Springs LNG operation'' with the Northern Territory Power and Water Corp getting along? We called the NTPWC. ''We no longer have an LNG contract with them.'

EWC:
Had you read EWC’s 2012 Annual Report ( page 37), you would know that “…after 18 years of operation, the plant suspended operations in 2006 at the end of the take-or-pay contract with NTPWC “.

1:0 to EWC.

Mr. West:
How about Energy World's planned 2-5-million-tonne plant proposed for the Western Province of Papua New Guinea, along with a deep-water port and power station? This development appeared to have been accidentally located - at least in a company presentation - on acreage already pegged by US oil group Talisman.

EWC:
According to the PNG Industry News of 14 September, 2012, what a Talisman spokesperson said was “…that Mitsubishi had become a full joint venture partner in eight of its licences so far. We are working together on a three year forward exploration program and considering monetization options including tie-in to a third party facility or construction of an LNG export facility in the PNG Foreland.” Obviously, as this project is in its very early stage of development (exploration program only), there is no arrangement (yet) with EWC, as this will be considered later in the development phase.

2:0 to EWC.

Mr West:
Energy World rather got ahead of itself in late 2007 when it told shareholders it was ''building'' its first LNG plant in Indonesia. It had just raised $100 million with the aid of its trusty broker Tricom Securities.

EWC:
All four modular trains (2mtpa) are on site.

3:0 to EWC

Mr. West:
Finally, though, there were traces of EWC LNG DNA. Upon inquiry into the touted Phase I, 2MTPA LNG plant and 500k pipe proposed development at Abbot Point we got this: ''Energy World Corporation (EWC) is known to the office of the Queensland Co-ordinator-General and EWC is discussing a proposal with officers that relates to Abbot Point. The next steps in progressing this proposal rest with EWC.''

EWC:
We are progressing this proposal.

4:0 to EWC.

I could go on, but I think we all get the drift: an incredibly shonky piece of writing by Maurice West. Given that he now admits that his earlier piece of writing (when he tried to discredit EWC’s Sengkang LNG project) was all pure and unadulterated rubbish, one has to ask why does he continue with baseless attacks on EWC. My take on this: the publication of his comments in today’s SMH coincide with relevant major bidders, International Banks and senior IOC staff, being currently in PNG to finalise negotiations (with the PNG Government) as to preferred arrangements of Interoil’s Gulf LNG project. Mr. West’s attacks on EWC and the recent heavy short selling of EWC shares may well indicate that EWC has a good chance of being part of Interoil’s Gulf LNG project.

With Maurice West’s scurrilous allegations attempting to batter EWC and hammer us shareholders into submission, I suggest it pays to reflect on his outrageous and baseless claims and see for what he really is: a paid stooge.