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Liquefied Natural Gas Limited (LNGLY) Quarter Highlights December 2014 and Appendix 4C

2015-01-26 20:27 ET - News Release

Perth, Australia, Jan 27, 2015 - (ABN Newswire) - Liquefied Natural Gas Limited (LNG.AX) announce the Quarter Highlights for the period ending December 2014 and Appendix 4C.

Corporate

- Cash balance of $53.2 million as at 31 December 2014, and no debt.

- United States Patent and Trademark Office has allowed a patent application of the Company's core liquefied natural gas (LNG) processing design. The Company expects a granted patent to be issued in several weeks, protecting its OSMR(R) process, being a method and system for production of LNG (ASX Release: 16 Jan 2015).

Magnolia LNG Project, Lake Charles, Louisiana, United States (Magnolia LNG)

- Continued to progress with the US Federal Energy Regulatory Commission (FERC) all necessary permits and approvals for the development of the Magnolia LNG project, which included responses to various anticipated engineering data and environmental information requests (ASX Releases: 27 Oct, 13 Nov, 11 & 31 Dec 2014; and 12 Jan 2015).

- Engineering, procurement and construction (EPC) contract containing fixed and provisional sums agreed with SKE&C USA, Inc. (SKEC). Total capital cost for 8 million tonnes per annum (mtpa) project remains as previously stated on 24 February 2014 at US$3.5 billion, equating to US$440/tonne (ASX Release: 1 Dec 2014).

- Magnolia LNG executed a memorandum of understanding (MOU) with Kellogg Brown & Root LLC, a wholly owned subsidiary of KBR, Inc. (KBR) and SKEC, whereby KBR and SKEC propose to execute a joint venture agreement (JVA) on a 70/30 percent participation basis to deliver the 8 mtpa four train Magnolia LNG Project. KBR will be the leader of the EPC Contract (ASX Release: 19 Jan 2014).

- Continued negotiations with all four proposed tolling parties and several others.

- Magnolia LNG on schedule for financial close in mid-2015 and first LNG in fourth quarter 2018.

Bear Head LNG Project, Nova Scotia, Canada (Bear Head LNG)

- Bear Head LNG filed for modifications to the existing construction and environmental permits granted by the Nova Scotia Utility and Review Board and Nova Scotia Environment.

- The Company also announced the expansion of the initial facility production capacity from 4 to 8 mtpa (ASX Release: 3 Nov 2014).

- Bear Head LNG filed an application with Canada's National Energy Board (NEB) for an export license for up to 12 mtpa per year of LNG (ASX Release 7 Nov 2014).

- The Company filed an application with the US Department of Energy (DOE) for authorisation to export natural gas to Canada for a 25-year period (ASX Release 10 Dec 2014).

Fisherman's Landing LNG Project, Gladstone, Queensland (FLLNG)

- Gladstone Ports Corporation Limited extended the Option to Lease until 31 March 2015, with an option to extend to 31 March 2016.

- The Company signed a non-binding memorandum of intent (MOI) for gas supply with Tri-Star Petroleum Company (Tri-Star). Tri-Star has certain gas tenures in Queensland, which could supply gas to FLLNG.

- The Tri-Star MOI involves FLLNG processing Tri-Star's potentially significant gas reserves to produce 1.5 mtpa of LNG over a 20-year term.

- The Tri-Star gas supply would support FLLNG development to proceed with the first LNG train of 1.5 mtpa (ASX Release: 31 October 2014).

Note: As announced to the ASX on 23 December 2014, LNGL is no longer required to report under ASX Listing Rules 5.4 and 5.5, which require quarterly disclosure of the Company's activities together with an Appendix 5B. Under ASX Listing Rule 4.7B, the Company is now subject to providing quarterly cash flow reports (Appendix 4C), the first of which for the December 2014 quarter is in the link below.

To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-LNG-707292.pdf


About Liquefied Natural Gas Limited:

Limited Natural Gas Limited is an ASX listed company (Code: LNG and OTC ADR: LNGLY) whose portfolio consists of 100% ownership of the following companies:

- Magnolia LNG LLC (Magnolia LNG), a US-based wholly owned subsidiary of LNGL, which is developing an 8 million tonne per annum (mtpa) LNG export terminal, in the Port of Lake Charles, Louisiana, USA;

- Bear Head LNG Corporation (Bear Head), a Canadian based wholly owned subsidiary of LNGL, which is developing an 8 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;

- Gladstone LNG Pty Ltd, a wholly owned subsidiary, which is progressing the 3.8 mtpa Fisherman's Landing LNG (FLLNG) Project at the Port of Gladstone in Queensland, Australia;

- LNG Technology Pty Ltd, a wholly owned subsidiary, which owns and develops 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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