Extension of Site Option to Lease at Fishermans Landing
Perth, June 30, 2014 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) (LNGL or the Company) advises that the Gladstone Ports Corporation Limited (GPC) has granted a three month extension to the site agreement to lease at LNGL's Fisherman's Landing LNG project on the mainland at Gladstone Queensland, Australia, from 30 June 2014 to 30 September 2014. The extension follows a nameplate capacity of 1.9 mtpa.
Company submission on the status of gas supply for the first LNG Train that will produce a guaranteed 1.5 million tonnes per annum of LNG (mtpa) and a nameplate capacity of 1.9 mtpa. Company Managing Director and Chief Executive Officer Mr Maurice Brand said that he anticipated being able to provide further information on gas supply during the third quarter of 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.
"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, " said Mr Brand.
About Liquefied Natural Gas Ltd
Liquefied Natural Gas Limited (
ASX:LNG) (OTCMKTS:LNGLY) (LNGL) is an ASX listed company whose portfolio consists of 100% ownership of the following companies:
- Magnolia LNG, LLC (Magnolia LNG), a US-based subsidiary, which is developing an eight mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
- Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian-based subsidiary, which is developing an 8 – 12 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), which is proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR® LNG liquefaction process, a midscale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.
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