I guess that is the proof of concept of the modular approach....

I guess that is the proof of concept of the modular approach. These things are supposedto be unbolted and moved when the gas is used.

The last "deadline" given was april 2014. So they have a year.

They need to put down the pads (see photo), ready for the concrete in a month or so??), let the stuff cure, bolt together the compressors, cold boxes, pre treatment gear (all on site).

They need to build the storage, the jettys (the loading arms have been built - I dont know whether they have been delivered), the switches and transformers for the electicity from wajo, and the gas pipeline from the gas treatment plant - it seems the compulsory acquisition for the land has occurred.

Is a year enough? Is the BoP $130m? God knows.

I expect there may be further slippage and that will be caused by the pipelines and switches.

However we should get a good uplift in profits from the additional generation (an additional 60mw for 9 months, and another 60mw for 6 months, plus an uplift in gas produced and sold by 50%) assuming the plant is utilised before the LNG trains start offtaking electricity.

I expect something around $75m (plunked out of the air from my belief that the full year run rate ebitda attributable to ewc will be $100m). This $75m goes a long way to providing the equity needed to complete the plant.

Things will start to look interesting once the gas field is proved up to 2P to a number closer to EWC's expectations, and the circle will be completed when they complete the recieving terminal and power station in the philippines.

http://www.youtube.com/watch?v=YGD4Coemwjc