Liquefied Natural Gas Ltd (LNG Ltd) has released its June 2014 quarterly report.
Bear Head LNG project
LNG Ltd has listed its agreement to buy the Bear Head LNG project from a subsidiary of Anadarko Petroleum Corp. as one of the highlights. The company plans to turn Bear Head into a 4 million tpa LNG export facility with potential for future expansion.
LNG Ltd aims to close out the standard closing conditions and consents to finalise the acquisition of Bear Head LNG, as well as implement the gas supply plan and transportation plan to bring gas to the site. LNG Ltd will also work on obtaining all outstanding permits and approvals for the Bear Head LNG project.
During Q2 2014, Magnolia LNG filed an application with FERC seeking authorisation for building and operating the Magnolia LNG project. FERC formally accepted this filing application, while the US Department of Energy (DOE) announced proposed changes to its procedures for processing applications to export LNG to non-FTA countries. Kinder Morgan also filed a FERC application to transport gas to the Magnolia LNG project during the quarter.
Going forward, the company plans to conclude and execute a definitive tolling agreement for firm capacity of 3.4 million tpa from the first two trains of the Magnolia LNG project, with a design capacity of 4 million tpa. The company also plans to conclude and execute an EPC contract, and it will target the release of the Draft Environmental Impact Statement (DEIS) from FERC.
Fisherman’s Landing LNG project
During Q2 2014, Gladstone Ports Corp. Ltd granted a three month extension to the site option agreement to lease to the end of September 2014. The company will also work on securing adequate gas supply.
Throughout Q2 2014 a placement of 90 million new shares in LNG Ltd at $ 0.55/share was completed that raised $ 49.50 million.
On 6 August 2014, a placement of 14.8 million new shares in LNG Ltd at $ 2.60/share will be completed to raise $ 38.6 million.
LNG Ltd’s cash balance on 30 June 2014 stood at $ 50.9 million.
LNG Ltd aims to finalise the appointment of a US-based Non-Executive Director, as well as establish an office in Houston, Texas, USA at the same location as the Magnolia LNG and Bear Head LNG company and project teams.
LNG Ltd will also roll out a full investor relations plan to enable investors and shareholders to understand the potential value of LNG Ltd’s mid scale LNG strategy and North American LNG assets.
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/31072014/lng-ltd-releases-q2-2014-results-1110/