Ann: Annual Report to shareholders, page-8

The E&P assets require the PSC to be renewed. The PSC renewal has not been finalised and EWC can not use the reserves prior to 2022 so the development expense cannot be capitalised.

The construction assets have been "in construction" for perhaps 10 years.  To have value these assets must no day be completed. The auditors, like many of us now despair of seeing a commissioning date, and are no longer are prepared to take EWC's word for it. This does not mean the Auditor does not believe EWC, it means they are not prepare to issue an unqualified audit opinion on the back of what EWC say. To be honest, they would be mad to do so.