Ezra

Ezra: Lewak EMAS has successfully achieved first oil on 10 Oct 2011 in Vietnam’s high-profile Chim Sao oil project. The vessel is the latest and largest FPSO vessel co-owned by EOC, the 46.5% assoc owned by Ezra. This commences vessel’s US$1b charter contract with EOC with earnings contributing from 1QFY2012 onwards. Ezra also has an interest in the vessel through its holdings of 36.7% in the share capital and 28m redeemable cumulative preference shares in the JV co holding the vessel. Ezra is trading at 9.8x P/E currently, with hist avg at 12.0x