AGM, page-10

Dear fellow shareholders , firstly thanks to Oranje for his concise accurate summary. I shall endeavour to add some background and the following only represents my opinion.
Philippines: Currently most coal fired power generation is controlled by several wealthy families, for want of a better term ,this cartel ,obviously has a interest in maintaining or expanding the power status quo.
There are now only 2 banks involved in the financing, both are government based the other bank was allegedly found to have too close ties to the opposing parties.
President Duterte has signed the Paris Agreement requiring a 40% reduction in green house gases. A few days ago he abolished the Energy Regulation Commission as it was seen to be aligned with the aforementioned cartel. Google,
Philippine news 17 hrs ago "Dutrete tells local tycoons I owe you nothing! Opens to foreign investment".
EWC is currently the only independent power company in the Philippines ,employing nearly all local people in its construction of its facilities . EWC provides actual and support for local social infrastructure.
The 2 remaining banks,one of which "already has skin in the game" via $32 mill USD gas hub loan are fully supportive of EWC as with The Dept of Energy and The Dept of Finance at the highest level to the Presidential level. What is required by the banks is the signed permission of the approximately 40 landowners along the new 230kV connector line. This line will have the capacity to carry 2000MW of power ,ie EWC could triple in the future the size of the current plant ,with the appropriate approvals. Originally EWC had a agreement with a the nearby power team( ? Cartel aligned) to connect to the grid through them and this was then denied approximately 14mths ago ( it was a 200m connection) This opposition is the main cause of the existing long delay due to the need to rectify the situation.
Of the 40 landowners 80% hqve signed their permission and the rest of the local people are and have been very supportive of EWC.It is up to a government department not EWC to secure the permissions ,if needed the department can compulsorily acquire this but EWC and all parties are preferable not to such actions. It is hoped for completion prior to Xmas (don't hold your breath on that one!)
The foundations for the steam turbine have been laid and the steam turbine has been manufactured .Finance will have to be arranged before it can be fully purchased and installed. However Siemens have given EWC a very strong indication of their support including financial arrangements.
Start time Aug/Sept 17
LNG ship purchased by EWI refurbished now on its way from Malta via the Cape South Africa to Philippines ETA 3 weeks from now.
Current valuation of LNG Hub and Powerstation $1.8 Bill USD
Proposed Gas pipeline to Manila in 2 stages 80km plus a 100km pipeline , cost approximately $1millUSD per km . Construction time variable according to geographical terrain and how many crews used but approximately 1km a day on land ,quicker underwater.
there has been a very, very large interest of additional off takes and additional power stations along the way. The base of the second LNG tank has been built at the site to demonstrate to the government that EWC can indeed supply the indicated gas supply. If accepted by the government it may be the sole or preferred LNG importer into the Philippines.
Sengkang : Finance relying on the PLN off take agreement. The gas price has been agreed upon and undergone complete review by the monitoring committee and has been forwarded to be signed by the PLN Board at their next board meeting, date currently unknown(within weeks). The finance arrangements are complete and just require the agreement security. Start up Aug/Sept17.
Both LNG tanks are currently being sealed and their membrane linings installed.
Brian Allen fully recognised shareholder frustration and recommitted to their relentless efforts, in short these guys have really hammering at a very hard rock face for a long time they are almost there but as BA stated they are not there until they are there signed sealed and delivered.
As a final note Graham Elliott is a person to watch,certainly no wallflower , was quite impressive.
Shareholders I wish you (and me!) the best.
Cheers Doc.