Energy World affiliated company defaults on payment in joint venture gas exploration project

Energy World Corporation (EWC)  wholly owned subsidiary Australian Gas Limited (AGL) has failed to make a US$1.48M payment to Strike Energy in a joint venture gas exploration project and has in effect defaulted on the funding requirement for this joint venture, resulting in Strike Energy paying the funds

Now what commonsense is not sure of is does this EWI wholly own company, AGL has no money to make the required payment when it was due or there was some other issue , which resulted in it missing this payment.

The above situation means the EWC owned AGL is no longer a participant in this project and this is now controlled 100% by Strike  Energy.

Here is what was reported to the Australian Stock Exchange.

Strike Energy

 

Can this new development have any material impact on EWI /Jamaica multi million dollar energy project ?

Also what does this mean for EWC/EWI supply of LNG since this project was meant to give EWC/EWI additional LNG supplies.

Is the OUR aware of this new development and will they comment on what is taking place.

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One Response

  1. Energy World has issued a release see link.

    http://www.asx.com.au/asxpdf/20140407/pdf/42nvqpnhw0fdmf.pdf

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