the hype is in the pipe, page-30

Hi

Not sure I really understand your fixation on the licenses (to the extent that you suggest they must be in place prior to completion rather than them being the final symbol of completion) and I am sure you are putting words in the mouth of the AR on this one sorry.

In my mind, completion of the "project" is construction complete, commissioning complete, sales agreements in place, operating license in place, handover, project wind down. But there are projects within the project.

They have the "license" to build the first train, care of SKKMigas. They anticipate completion of construction of the first train by 2nd quarter 2014 - which they are licensed for (p29). They will undertake commissioning and commence operations thereafter (how deliberately non-specific is that...) when they have met certain conditions (which we are not privvy to) and obtained "various other licenses" (which we are also not privvy to).

It seems a contradiction in terms to me that you can constantly criticise them for "not having a license" when they can't get the license (and by that I mean the "operating certificate" that I think you are referring to) until they are actually finished (stage 1 at the very least).

We know from experience that the power plant expansion was not completed until after the expansion had been run up, shaken down and load tested for an extended period, at which point they got their "operating license" and informed the market accordingly.

I do not believe they are being sneaky. If anything, you are in suggesting that they are.

Irrespective of all of the above, am I frustrated too...of course...but I refuse to read too much in to an auto-translated article that is wildly open to misinterpretation. I'll leave that to the official EWC ASX announcements :)