ENERGY WORLD CORPORATION LTD (EWC)

The suspension of trading in the securities of Energy World Corporation Ltd will be lifted immediately following lodgement of its 2023 Annual Report.

The company releases an Appendix 4G.

The company lodges its Annual Report to shareholders.

The additional interim gas sales agreement has now been signed on 20 September 2023 and became effective on 25 September 2023. The terms and conditions of this additional agreement are the same as the initial interim gas sales agreement for the supply of up to 40mmscf/per day of gas and the potential income from the gas sales for EEES will be in the region of USD2 million per month. Discussions have already commenced on a longer-term gas supply agreement with PLN that EEES anticipate will be contracted on or before 31 December 2023.

The company lodges its Preliminary Final Report.

The company lodges its Quarterly Activities/Appendix 4C Cash Flow Report.

The Full Year Audited Accounts are statutorily required to be lodged with ASIC by 30 September 2023, and the Company is working closely with its Auditors to finalise the Full year Audited Accounts. The circumstances that led to the late lodgement of the Half Year Report, have been resolved, the Company has every expectation of lodging its Full year Audited Accounts on time. On 26 June 2023 Energy Equity Epic (Sengkang) Pty Ltd as operator of the Sengkang Production Sharing Contract (Sengkang PSC) together with its partner PT Energi Maju Abadi signed an interim gas sales agreement with PT Perusahaan Listrik Negara Persero for gas sales from the Sengkang PSC. The Initial Interim Gas Supply Agreement will account for gas deliveries from the Kampung Baru gas field that recommenced on 21 March 2023 until 30 June 2023. The binding Sales and Purchase Agreement with PLN Nusantara for the Sengkang Power Plant was executed on 19 May 2023. The agreed purchase price was USD29.8 million. The asset had been fully depreciated prior to the sale and asset value carried in the Half Year Report is zero. Proceeds from the sales have been and will be utilised for payment of tax, operating expenses, overheads and third party bank loan repayments. On 2 July 2019, a debenture agreement for the EWI Facility and the TLA was entered into. The Debenture Agreement was terminated on 6 July 2023, and the security withdrawn over EWC's assets. However, the Loans remain, but are now unsecured.

In September 2022, the PPA reached the end of its term, so did the GSA. Without these key revenue sources, the emphasis of the company's valuation was entirely on the development projects, which led to a requirement that the company test and independently verify their respective values. Independent experts were appointed to review the asset valuations. The assumptions were then tested under the guidance of the auditors. The review confirmed the asset values as reported historically; and there were no impairments required on the largest projects; the only impairment, approximately US30 million, was on Australian gas assets linked to the Gilmore project. On an asset base of US1.4 billion, this impairment is approximately 2%. In the Philippines, a $165 million term sheet was received. This is sufficient to complete the construction of the LNG terminal, two gas turbines and also the proposed steam turbine in Phase 2. In Indonesia, the company is in the process of securing a new interim GSA for the joint operating venture they have with PT EMA, of which the company's share is 51%. The company will operate under the interim agreement whilst a longer-term GSA is concluded. Gas is currently being delivered to the power plant.

The company lodges its Half Year Accounts.

Following the expiry of the power purchase agreement, the company has completed the sale of its 315MW Sengkang Power Plant to PLN Nusantara a wholly owned subsidiary of PLN.

The company lodges its Quarterly Activities/Appendix 4C Cash Flow Report.

Despite the Company taking prompt action and endeavours to mitigate the impact of the circumstances outside of its control, the Half Yearly Report has still not been completed. EWC understands its continuing obligations to lodge the Half Yearly Report, and the Company and its relevant advisers are working as quickly as possible to finalise the review. EWC is working with the accounting team in Indonesia to expedite the process and to lodge the Appendix 4D and Half Yearly Report as soon as possible, which it expects to be within the next month.

There will be a delay in the lodgement of the Appendix 4D and the Interim Financial Report for the half year ended 31 December 2022. The delay is to allow the company's auditor in Indonesia adequate time to finalize its review. The steps taken to ensure the thoroughness of the audit process have caused further delay.

The entity's securities will be suspended from quotation under Listing Rule 17.5 from the commencement of trading today, Wednesday, 1 March 2023, for not lodging the relevant periodic report by the due date. If the report is lodged between the closure of the market announcements office yesterday and the imposition of the suspension, the entity's securities will normally be reinstated to quotation on the next trading day after the suspension is imposed.

name changed from Energy Equity Corporation Limited