Just when I thought EWC was not much interested in PR, I hit on its website 'energyworldnewsgallery.com'. Below find the text only which, in my opinion exudes a lot of confidence (which, according to hc posters, was also evidence at its 2014 AGM).
Increased revenues are now flowing from our power plant at Sengkang, Indonesia, following its expansion to capacity of 315MW.
Higher sales of electricity to Indonesian utility PLN, fed into the South Sulawesi power grid, are reflected in our improved results to end June 2014 (see our annual report) and will continue.
REVENUES RISE FOLLOWING EXPANSION OF INDONESIAN
GAS-FIRED POWER STATION TO 315 MEGAWATTS
Significant progress has been made at our Sengkang modular LNG project through the installation of cold boxes and a compressor plus construction of tank and marine facilities.
Also construction of our first modular LNG train -- pioneered by Energy World -- which has a capacity of 500,000 tonnes per annum, is expected to be completed this financial year along with commissioning and operational start-up.
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SOUTH SULAWESI LNG PLANT ON TRACK FOR COMMERCIAL
START-UP DURING CURRENT FINANCIAL YEAR
FOUR GAS PRODUCTION WELLS COMPLETED LAST YEAR
Drilling of four gas production wells at Wasambo, Sengkang, was completed last year. The gas from these wells will be used as initial feedstock for our modular LNG project there.
Additionally Energy World has evaluated the results of a seismic drilling programme involving 3,554 shotholes.
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OUR PHILIPPINE POWER PLANT READY TO INSTALL
GAS TURBINES AND START OPERATING THIS YEAR
Two Siemens 200MW gas turbines shipped from the USA have arrived at Energy World's Pagbilao Grande Island power plant site.
The site had been prepared for them and the first 200MW turbine is expected to be generating power early this year. The second 200MW unit is planned to be producing power shortly thereafter.
CONSTRUCTION OF LNG TANK, JETTY AND TERMINAL AT PAGBILAO ON TRACK TO BEGIN LNG OPERATIONS THIS YEAR
Construction of Energy World's LNG hub at Pagbilao in the Philippines is in its final stage. It is expected to be first LNG terminal in the country and to be commercially operational in early 2015. Total cost is estimated at US$130 million, excluding finance costs.
The foundation and walls of the first 130,000 cubic metre tank have been completed and its roof is being built.
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GAS EXPLORATION AREA SHARED WITH STRIKE ENERGY
DEVELOPS WITH SIGNIFICANT COMMERCIAL POTENTIAL
Energy World has signed a deed of cross security and fully funded its share of a gas field exploration licence area in Queensland. We have a 33.3 per cent stake in this exploration area known as PEL96 at Cooper/Eromanga, operated by our partner, Strike Energy Ltd.
Strike will carry out fracture stimulation and flow testing at the 4,050 sq.km gas reserve, which is planned to be developed to commercialisation. Energy World has the right to sell one third of the gas produced.
MODULAR LNG PLANT AT ALICE SPRINGS, AUSTRALIA,
READY TO BEGIN COMMERCIAL OPERATIONS
Our modular LNG facility at Alice Springs, Northern Territory, has been upgraded and is ready to start commercial operation. It has a capacity of 10,000 tonnes per annum.
We are exploring opportunities to sell LNG to customers seeking competitively priced and clean energy for power generation at remote locations, for example, mines.
QUEENSLAND LNG PLANT INSTALLS COLD BOX
AND GEARS UP FOR COMPLETION BY END 2015
At Gilmore, Queensland, site works have commenced and major equipment (eg cold box) installed at our LNG plant. This is a compact modular liquefaction facility with a capacity of 56,000 tonnes per annum.
Construction of the LNG plant is expected to be completed during the second half of 2015 and operations should start thereafter.
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LINKS
ENERGY WORLD CORPORATION
ENERGY WORLD TRACK RECORD
ENERGY WORLD LNG
ENERGY WORLD COMMUNITY
NEWS BRIEFS
DEVELOPMENT BANK OF PHILIPPINES SIGNED UP TO LEAD FINANCING OF OUR PAGBILAO ISLAND PROJECT
NEW EXECUTIVE DIRECTOR
Graham Elliott has been appointed an Executive Director of Energy World.
The son of Chairman and CEO Stewart Elliott, he was educated at Princeton University in engineering and attained an MBA at Southampton University.
Mr. Elliott's experience includes work with GEC Alstom, Arup and Schlumberger.
As an EWC Executive Director, he will be responsible for engineering, civil construction and new projects.
Energy World has awarded mandates to the Development Bank of the Philippines to act as lead manager and lender for up to 70 per cent of each Pagbilao project's cost.
Standard Chartered Bank is acting as our adviser.
The rest of the money will come from our own resources and a loan from Standard Chartered Private Equity (Singapore) Ltd.
FINANCING FOR PETROLEUM
OPERATIONS RAISED FROM
US$88 MILLION TO $125
MILLION
Energy World's existing US$88 million financing facility for Sengkang has been upgraded last year to US$125 million.
These funds will be used for our petroleum operations, including LNG, and commercialisation of the gas fields.
REVENUE HAS SIGNIFICANTLY INCREASED BY 70% OVER THE PAST FIVE-YEAR PERIOD FROM US$93.5 MILLION TO $158.8 MILLION
EWC Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
