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LNG Limited granted extension on project site

LNG Industry,

Liquefied Natural Gas Limited (LNGL) announced that the Gladstone Ports Corporation Limited (GPC) has granted a three month extension to the site agreement to lease at the company’s Fisherman’s Landing LNG project in Gladstone, Queensland.

The extension is from 30 June to 30 September 2014. It follows a company submission on the status of gas supply for the first LNG Train that will produce a guaranteed 1.5 million tpa of LNG and a nameplate capacity of 1.9 million tpa.

LNGL Managing Director and Chief Executive Officer, Maurice Brand, said that he anticipated being able to provide further information on gas supply during the Q3 2014. Whilst the project has been on hold since March 2010, all approvals are in place to recommence construction once gas has been secured and banking agreements re-established.

Brand commented: "We are appreciative that the Board of GPC has granted a further extension. The company accepts that if we are unable to provide substantial further progress on gas supply during the next quarter, then the Board of GPC will reconsider again in late September 2014 any further extensions based on the progress made."

Adapted from press release by Katie Woodward

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