Who has the balls?, page-14

The new PSC is a EWC 51% PLN49% Gross  split which probably favours EWC as it is a relatively low cost developer, so its cost recovery is lower as a percentage.   SCPE (Standard Charatered Private Equity) only recently did a complete audit review of EWC and its associated loans and cross securities including Slipform and concluded by extending their convertible notes at 50c. IMO Indonesian associate party ,finalised(although unannounced there are strong reasons I believe this) ,I believe that from what was said at the AGM that there were 5 interested parties. However ,although I have no recent confirmations  EWC I am aware have a long history with a very influential and well resourced Indonesian family.

It would be very interesting, the terms of engagement, to what financial and political power a new associate could bring to the table given the vastly expanded area under the new PSCs .A announcement is reliant on SK Migas approval. The upside to this could be massive.

Cheers Doc.