(a). They have promised an LNG terminal for years - and the deadlines have come and go.
(b). They have raised hundreds of millions of dollars - well in excess of the original budget to build this terminal.
(c). Most of that money has been paid to Slipform Engineering and associates. Slipform is a private company controlled by the CEO.
(d). Slipform has never built an LNG terminal.
(e). Finally they got some boxes - braised aluminium boxes - delivered to Sulewesi. They claim these boxes are worth more than $100 million - but that is a joke. They are braised boxes - nothing more. Double digit millions maybe. Not more than $5. However these boxes are now sitting on wharf in Sulewesi.
(f). They have not got permission to actually exploit the gas.
(g). Their gas reserves got downgraded this year - when they announced it as an upgrade.
Short this baby!
Brolga
EWC Price at posting:
26.5¢ Sentiment: LT Sell Disclosure: Held