Hi Mont,
As I understand it, in a nutshell, the Sept 2010 HOA/Feb 2011 conditional binding funding and construction agreement signed with Interoil has the following features:
1. EWC to fund and construct a 3mtpa LNG plant;
2. EWC to fund and construct a 150 MW gas fuelled power station;
3. On the basis of points 1 and 2 above, EWC:
a. to have a 14.5% interest in PNG Gulf LNG project; and
b. to receive a 14.5% share of the LNG sale proceeds.
reasons for recent share price increase, page-3
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