Hi MoneyWise,the danger of speculation (ie. taking positions...

Hi MoneyWise,

the danger of speculation (ie. taking positions without facts) is that one can be very wrong (Brolgaboy and Michael West are prime examples of this!!!).

Just to provide some context re: AGM discussion I can provide the following:


1. Sengkang power plant expansion is still expected to be on time (60MW gas turbine by end 2012 and 60MW steam turbine by end of March 2013).
2. Sengkang LNG project is expected to commence operations (0.5mtpa) by end March 2014 with further 0.5mtpa trains to become operational in three monthly intervals.
3. Interest in LNG from Sengkang is strong, both from Indonesian (PLN) and Asian (Eg. Tokyo Gas) interests.
4. LNG Hub, Philippines is expected to be operational by end 2013.
5. PNG Gulf LNG project: PNG PM O’Neill was impressed positively by the way we do business and our Sengkang LNG project. He also discussed this (ie. his positive impression of EWC Sengkang operations) with his Indonesian counterpart (President Yudhoyono). S.Elliott is scheduled to visit PNG very soon. As PNG Gulf LNG project has entered a very sensitive stage in negotiations with key stakeholders, S. Elliott was not entering providing any additional information.
6. Current (low) share price does neither impact negatively on obtaining further project finance, progress on current project or future projects (incl. PNG and Abbot Point).
7. While most people attending were happy with the company and its business plan, there were a lot of people unhappy about its PR performance. S. Elliott reiterated his wish to keep a low PR profile, as he sees this as the most effective way to ‘keep the sharks at bay’ in his endeavour to build a fully vertically integrated company (gas fields, lng, power stations). In later talks, S. Elliott’s view was strongly endorsed by a number of shareholders.