2013 annual report, page-9

Hi Delinvestor,

It seems to me that you may be unduly worried about the possibility of EWC proving up sufficient gas reserves. In my opinion, the current share price does not even take into account any commercial lng production at Sengkang, yet the proven gas reserves are sufficient for at least 5 years of 0.5mtpa lng production. As EWC’s business strategy is to use part of the revenue generated from such lng production to drill for more gas in order to add additional 0.5mtpa modular lng trains, there seems little doubt that sufficient gas reserves are available at Sengkang for at least 2mtpa lng production. My opinion is based, in part, on EWC’s 2009 Annual Report (page 15) which states, in part: ‘we have identified thirty prospects……(which provide) additional prospective gas resource in excess of 2.25TCF…….in addition, there are numerous leads in the Sengkang Contract Area…..that could increase the prospective resource to between 5 to 7 TCF’.

The 2D seismic survey results, once submitted to EWC and made available to the ASX, should provide more evidence that EWC’s confidence in this gas resource is justified.