Liquefied Natural Gas Limited has released its half year report.
LNGL holds a strong competitive position in the mid-scale LNG industry with three LNG projects: Magnolia LNG, in Lake Charles, Louisiana, USA; Bear Head LNG in Richmond County, Nova Scotia, Canada; and Fisherman's Landing LNG, in Queensland, Australia.
North American projects have successfully achieved milestones that provide evidence that Magnolia LNG and Bear Head LNG should be at the forefront of supplying the next wave of global LNG demand.
The Magnolia LNG project enters 2017 shovel ready and first in-line to satisfy demand for new LNG supply. The team is focused on completing marketing of Magnolia LNG's offtake capacity in order to take FID (a financial investment decision). The project has all required US Federal Energy Regulatory Commission (FERC) and US Department of Energy (DoE) permits and approvals, has construction price certainty through its industry competitive LSTK engineering, procurement, and construction (EPC) contract price with KSJV (a KBR - SKE&C joint venture led by KBR), certainty of gas supply, equity via a commitment from Stonepeak Infrastructure Partners, and a debt financing process led by BNP Paribas.
Once bankable offtake is sold, Magnolia LNG will move straight to financial close and construction. The project has no other obligations to meet.
Bear Head LNG has completed its regulatory permitting process. Bear Head markets itself as a viable outlet for stranded Canadian natural gas resources looking for economic access to global LNG markets, demand, and pricing. Bear Head is uniquely positioned as a key component of an East Coast Canada export strategy.
LNGL managed its liquidity consistent with stated plans. The company closed December 2016 with the company's total cash position at AUS$59.9 million (AUS$34.7 million in cash and cash equivalents plus AUS$25.2 million in investments in term deposits classified as Other Financial Assets on the Statement of Financial Position).
Read the article online at: https://www.lngindustry.com/liquefaction/27022017/liquefied-natural-gas-limited-half-year-report/