I've read the Feb 2007 report and can see that Pickem has...

I've read the Feb 2007 report and can see that Pickem has interpreted correctly that EWC owns 40% of the Sengkang gasfield: Page 3 & Page 8. BPMIGAS (indo gov't) owns 60%

My interpretation of this company overview is
The gas is sold for $2.50/unit. 40%x $2.50 to ewc 60%X $2.50 to the BPMIGAS commensurate with their relative holdings on the acreage
THEN
The gas is burnt in the powerplant 95% of the revenue from selling the power from this plant goes to EWC as it owns 95% of the powerplant
OR (when the LNG train is built)
The gas is converted to LNG which sells for $6.00/unit and EWC gets 100% of the revenue from the sale of the LNG the plant produces as it owns 100% of the LNG plant.

Is this a correct and current overview of EWC in Sengkang ??

MONT not to be too picky but you say you would not even begin to guess their (Packer and SE ie major holders) investment strategies but then describe them as very happy long term holders, very happy???

They are long term holders and that is enough, IF they are happy or not is anyones guess, as you say, and Pickem is fair in commenting the way he did and to put it another way if they were truly "very happy" they'd have not been diluted in the last raising.

I'm warming to the EWC story but don't like too much emotional attachment to shares....... it is costly I know.