EWC updates financing for power plant expansion, LNG project

(The following is an excerpt taken from Australian firm Energy World Corporation Limited?s debt financing arrangements update released on Tuesday).

1. Standard Chartered Bank have extended EWC?s corporate financing facility for a further 12-month period until 22nd October 2008. The loan balance is USD51,110,975.

2. Standard Chartered Bank and Mizuho Corporate Bank Ltd have formalised agreements with PT Energi Sengkang Pty Ltd and Energy Equity Epic (Sengkang) Ltd to jointly underwrite and project finance debt facilities aggregating USD104 million for the restructing of the existing Sengkang project debt (USD44 million) and additional project finance debt (USD60 million) to fund the 60MW expansion of the Sengkang power plant and expansion related gas processing facilities.

3. EWC have confirmed a joint mandate to Standard Chartered Bank and Mizuho Corporate Bank Ltd, to act as financial advisors for the financing linked to the development of the 4 x 500,000 tonnes per annum mid scale modular LNG liquefaction programme. Standard Chartered Bank and Mizuho Corporate Bank Ltd will jointly undertake the assignment on behalf of EWC.

Shareholders requiring any further information in connection with these announcements can contact the undersigned. (end of excerpt)