Liquefied Natural Gas Ltd has provided the company's quarterly highlights for the period ended 31 December 2016.
Liquefied Natural Gas Limited is positioned for success in 2017 and beyond. 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 first in-line to satisfy demand for new LNG supply. The team is solely focused on completing the marketing of Magnolia LNG's offtake capacity in order to take FID (a financial investment decision). The project has all required FERC and DoE permits and approvals, has construction price certainty through its industry competitive LSTK EPC contract price with KSJV, certainty of gas supply, equity via a commitment from Stonepeak Infrastructure Partners, and a debt financing process led by BNP Paribas.
Likewise, 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. The Fisherman's Landing LNG site remains a viable project as the team looks to find feed gas supply in sufficient quantities to progress towards an FID decision.
In keeping with the company’s promise to shareholders, Liquefied Natural Gas Limited have managed liquidity closely consistent with stated plans. Liquefied Natural Gas Limited closed December 2016 with the Company's total cash position at AUS$59.9 million. The Company has no debt.