2014 AGM, page-18

Finishing the projects depends on further financing. Whether this comes from EWI or other parties is somewhat irrelevant at this stage, as they are nearly finished. Oranje states that, because of EWI/Slipform involvement, it will all get done no matter what, basically. If that were the case, why is Sengkang LNG not completed...2010 AR predicted first quarter 2012, 2012 AR predicted first quarter 2014, 2013 AR predicted 2nd quarter 2014, 2014 AR June 2014. I believe things are a bit too tight and rather than EWI coughing up even more (assuming they can), EWC want to free up equity in Sengkang LNG through project financing. If that is done as part of negotiated off-take agreements, then it puts some value on the gas and not just the infrastructure, which is what we are "stuck" on at the moment. Hence my assertion that I hope that a financing announcement, at least for Sengkang, would put value on the gas, because production would be assured, contract amounts known, and it becomes a re-rating catalyst. Might even get a phone call from some analysts. But Oranje could be right...we may crawl over the line by June and use the first 0.5MTPA to expand to 2...but much more slowly than if there were a few more $$$ around. Just my opinion though, on reading between the lines when I talk to management.
Also, why did EWC enter in to an agreement with PDB on 28th February 2014 to source $550m in financing (just for Pagbilao) if EWI/Slipform are there to save the day always? (We look forward to working in close cooperation with the Development Bank of the Philippines and other local and international lenders in finalising this project financing transaction in the coming months.). Let's call that 1 year ago, for the sake of rounding up a "few" days. When I speak to management, they tell me that that financing is needed to complete the projects (obviously). If PDB financing fails, sure EWI might step up, but none of us know how deep that well really is, or whether an alternative is available...so in that vacuum, it gets priced accordingly and the shorts have a field day.
I have been in EWC for 17 years. I too used to live completely in Oranje's little la la land. Not so much any more. Do I think we'll get the finance? Yes. 100%. But it had better be very soon or that "coming months" becomes >12 months and very misleading, particularly in the context of not being able to complete stage 1 of Pagbilao without it (2014 AR - early next year). Again, just my interpretation of things...but based on the SP, who is right? No more excuses and delays now please...but based on lack of financing announcement, can't we deduce that first stage of Pagbilao will not be "early this year"...hmm, it's February already...