Liquefied Natural Gas Limited (LNG Ltd) announced that its subsidiary, Gladstone LNG Pty Ltd, has extended the Fisherman’s Landing LNG project (FLLNG) site lease to 31 March 2016.
The site agreement for lease, which is with the Gladstone Ports Corporation (GPC), was extended for a cost of AUS$1 million. The company has also received an extension from the Queensland government for the completion of construction of the FLLNG project, to 31 December 2017.
The Queensland Department of Natural Resources and Mines extended the dates for completion of the project under Petroleum Facility Licence No. 18 (PFL 18) and Petroleum Pipeline Licence No. 161 (PPL 161).
LNG Ltd is still investigating opportunities for gas feed stock to FLLNG and discussions with potential LNG buyers supplying the Asian market are ongoing. The company will also consider all project financing options and strategic partnerships, including the possible sale of a minority interest in FLLNG.
Maurice Brand, LNG Ltd Managing Director, commented: “The extension of the site agreement for lease with the Gladstone Ports Corporation, and the extension of the dates for completion of construction in the PFL 18 and PPL 161 licenses associated with the proposed LNG facility at Fisherman’s Landing, Gladstone, are steps towards recommencing the development of the FLLNG project.”
Brand added that the decision to continue progressing the project will not compromise delivery of Magnolia LNG financial close, or progress on the development of Bear Head LNG.
Adapted from press release by Katie Woodward