progress ubdate on ewc lng hub, pagbilao, page-6

Hi PalmTree,

And the reason why the Half Yearly Report to End Dec 2011 did not show any payment to Slipform re: management service agreement in respect of the 2mtpa LNG project at Sengkang is that the full amount due, namely $32million, was paid in two tranches: the first ($5.3million) during the 2007/08 financial year, and the second ($26.7million) during the 2008/09 financial year. These payments are listed as part of the relevant EWC annual reports.

To paraphrase Shamish: EWC may have to make financial payments, prior to tangible progress on the ground.

In summary, while Mr West et. al. are writing 'ghost stories', EWC just gets on (albeit with a much delayed time frame) with the job of delivering on its projects.