2011 ANNUAL REPORTFinancial InformationRevenue up 18% to...

2011 ANNUAL REPORT

Financial Information

Revenue up 18% to US$110million
Net profit up 35% to US$27million
Earnings per share up 34% to US 1.74cents


Project Information

310MW Sengkang Power Sation (PPA until September 2022)
Currently 195MW in operation.

120MW expansion, to be operational by 3rd quarter 2012, estimated to cost US$150-US$160million. Finance arranged (Mizuho Bank and Standard Charter Bank).
Additional 60MW gas turbine to come into operation during 1st quarter 2012.
Additional 60MW steam turbine to come into operation during 3rd quarter 2012.


Sengkang Gas Field
Following BPMigas approval of POD (14/6/2011), drilling and development of three undeveloped gas fields (WASAMBO) will commence during 1st quarter 2012. Finance (US$88m) for this activity has been arranged (Mizuho Bank and Standard Charter Bank).


2mtpa Sengkang LNG Facility
Major components for 2mtpa LNG facility were ordered in 2007 and, following approval of POD by BPMgas (June 2011) are ready for shipment to Indonesia.

The contract value of the Engineering, Procurement and Construction contract (fixed price, turn- key basis) with Slipform Engineering International is US$350million.

Capital expenditure to enable production of 1mtpa LNG is expected to be US$294million. Finance to be obtained from a combination of non-recourse project finance and proceeds from share placements in May 2008 and July 2011. Mizuho Bank and Standard Charter Bank mandated as advisors for the financing of Sengkang LNG facility.

1mtpa LNG planned to be operational by 2nd quarter 2013.
If Sengkang gas field (WASAMBO) drilling program proves successful, then an additional 0.5mtpa LNG train will become operational by 3rd quarter 2013 and the fourth 0.5mtpa LNG train will become operational by end of 2013.

Arrangements to ship major equipment to produce 1mtpa LNG to site in readiness for construction and installation are currently (August/September 2011) being made.

Finalising gas supply agreements and documentation to obtain operating licence for the LNG plant are being arranged.

Electric power to operate the LNG facility is envisaged to come from the 120MW Sengkang power plant expansion.

Pagbilao LNG Hub Terminal and 300MW Power Station
First 130,000 cubic meter storage tank etc to cost US$130million and become operational in 2012-2013.

Second 130,000 cubic meter storage tank etc. to cost US$80million.

2x150MW power station to be built in later phases.

On 23 March 2011 EWC entered into a non-binding Memorandum with Interoil re: Interoil taking an ownership interest and establish an associated downstream gas sale, purchase, transmission and distribution service company.


1mtpa Abbot Point LNG Facility
Potential site for plant has been identified and discussion to acquire the land have commenced.

First phase:
1mtpa LNG facility (cost US$350million) and 350km gas pipeline (cost US$388million) to Surat and Bowen Basins. Production to commence 24 months following approval of LNG facility location.

Second phase:
550km pipeline to Gilmore and Eromanga gas fields.


Gilmore LNG Facility
Existing gas reserves allow for 10+ years supply to the proposed 56,000 tpa LNG facility.


3mtpa PNG LNG Facility
FID by end 2011.
Cost: US$455 per metric ton of LNG production.
Revenue: 14.5% of the proceeds from the sale of LNG

Phase 1:
2mtpa LNG facility plus 150MW captive power station to be operational by late 2013.

Phase 2:
Additional 1mtpa LNG facility.