Investor Presentation for Bear Head LNG Project Acquisition
Brisbane, July 28, 2014 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) has agreed to buy 100% of the issued and outstanding capital stock of Bear Head LNG Corporation (BHLC) from a subsidiary of Anadarko Petroleum Corporation (Anadarko), and 100% of the Project Rights associated with a Project Site located in Richmond County, Nova Scotia, Canada (the Transaction). The Transaction Purchase Price is US$11.0 million.
The Key Assets of BHLC include:
- the Project Site in Northern Novia Scotia, comprising (i) Land Lot: 180 acres of industrial-zoned land (~800m length x 890m wide) and (ii) Water Lot: 75 acres of land and water covered land (~330m length x 890m wide); and
- The Project Rights in relation to the previously proposed LNG import terminal at the Project Site, including all assets, rights and obligations associated with the Bear Head project.
LNGL plans to transform the Bear Head LNG Project (Bear Head) into a 4 mtpa LNG export facility with potential for future expansion.
The Company has already developed a gas supply plan and a transportation plan, and has interest from several parties to enter into Tolling Agreements, adopting the same business model as the Magnolia LNG Project in Louisiana, USA.
The Closing Date of the Transaction will be on or before 31 August 2014 and is subject to standard closing conditions and consents.
The Bear Head acquisition is consistent with LNGL's strategy of acquiring sites in North America where the Company can replicate its Magnolia LNG Project and fast-track development by using its existing LNGL development team and its OSMR(R) technology.
To view the presentation, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-LNG-685145.pdf
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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