Brisbane, Australia, July 31, 2014 - (ABN Newswire) - Liquefied Natural Gas Limited (ASX:LNG) (OTCMKTS:LNGLY) Quarterly Report June 2014 with significant highlights for the quarter.
Bear Head LNG Project, Nova Scotia, Canada
- The Company has expanded its presence in the North American LNG sector by agreeing to buy Bear Head LNG Project for US$11 million from a subsidiary of Anadarko Petroleum Corporation.
- The Company plans to turn Bear Head into a 4 mtpa LNG export facility with potential for future expansion. Magnolia LNG Project, Lake Charles, Louisiana, United States
- MLNG filed an application with FERC seeking authorisation for building and operating the MLNG Project.
- Merlin Advisors, LLC was appointed as the Lender's Engineer.
- FERC formally accepts MLNGs filing application.
- US DOE announced proposed changes to its procedures for processing applications to export LNG to non-FTA countries.
- Kinder Morgan Files FERC application to transport gas to the MLNG Project.
Corporate
- A placement of 14.8 million new shares in the Company at $2.60/share (will be completed on 6 August 2014) to raise $38.6 million.
- A placement of 90 million new shares in the Company at $0.55/share was completed that raised $49.50 million.
- The following American Institutional investors announced they are substantial shareholders in the Company:
The Baupost Group LLC;
Claren Road Credit Master Fund Ltd and Claren Road Credit
Opportunities Master Fund Limited;
Fairview Capital Investment Management, LLC; and
Valinor Management, LLC.
- Cash balance of $50.9 million as at 30 June 2014.
Outlook & Objectives:
Corporate Objectives
- To finalise the appointment of a US based Non-Executive Director.
- To establish a LNGL office in Houston at the same location as the Magnolia LNG and Bear Head LNG Company and Project teams.
- To roll out a full investor relations plan to enable investors and shareholders to understand the potential value of the Company's mid scale LNG strategy and North American LNG assets.
MLNG Project, Lake Charles, Louisiana, United States
- Conclude and execute definitive Tolling Agreement for firm capacity of 3.4 mtpa from the first two trains with a design capacity of 4mpta.
- Conclude and execute an Engineering, Procurement and Construction (EPC) Contract including a fixed lump sum turnkey capital cost.
- Target the release of the Draft Environmental Impact Statement (EIS) from FERC.
Fisherman's Landing LNG Project, Gladstone, Queensland
- Gladstone Ports Corporation Limited granted a three month extension to the site option agreement to lease to 30 September 2014.
- The Company will actively work on securing adequate gas supply. Bear Head LNG Project, Nova Scotia, Canada
- Close out standard closing conditions and consents to finalise the acquisition.
- Implement the gas supply plan and transportation plan to bring gas to the site.
- Work on obtaining all outstanding permits and approvals.
For the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-LNG-686140.pdf
About Liquefied Natural Gas Limited:
Liquefied Natural Gas Limited (ASX:LNG) (OTCMKTS:LNGLY) is an ASX listed company (ASX:LNG) (US:LNGLY) whose portfolio consists of 100% ownership of the following assets:
- Magnolia LNG, LLC, a US-based wholly owned subsidiary, which is developing the Magnolia LNG Project an 8 mtpa LNG export terminal, in Lake Charles, Louisiana, USA;
- Gladstone LNG Pty Ltd, a wholly owned subsidiary, which is developing the Fisherman's Landing LNG (FLLNG) Project at the Port of Gladstone in Queensland, Australia; and
- LNG Technology Pty Ltd, a wholly owned subsidiary, which developed and owns the Company’s OSMR(R) LNG liquefaction process, a mid-scale LNG business model that plans to deliver: lower capital operating costs; faster construction; and improved efficiency, relative to larger traditional LNG projects.
Contact:
Liquefied Natural Gas Limited
T: +618-9366-3700
F: +618-9366-3799
WWW: www.lnglimited.com.au
Source:
Liquefied Natural Gas Limited
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