Appointment of Chief Financial Officer
Perth, Sep 29, 2014 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) (LNGL or the Company) announces the appointment of Michael R. Mott (Mike) as Chief Financial Officer (CFO) of LNGL. Based in Houston, Texas, Mike will take up his appointment effective 1 October 2014. The current CFO, Norman Marshall has been appointed Group Executive - Strategic Development, primarily focussed on securing Project Finance for the Magnolia LNG Project to facilitate financial close in mid-2015.
Employed by BG Group since 2003, Mike held a number of senior finance, strategy and operations roles including: VP, Finance, Planning and Economics - Americas and Global LNG region; Regional General Manager - Strategy and Implementation; SVP - Americas Operations; and for the last twelve months, SVP - Health, Safety, Security and Environment (HSSE), responsible for BG Group's global workforce. Mike held progressively senior accounting and risk management roles for Dynegy Inc. from 1995, becoming SVP - Chief Accounting Officer and Controller from 2001 to 2003. He spent thirteen years with Price Waterhouse LLP before joining Dynegy.
LNG Managing Director Maurice Brand stated, "Mike has over 30 years of finance and accounting experience. This includes a key role as Regional Finance Director overseeing all BG Group operations in the Americas and Europe, as well as global LNG - shipping, marketing, liquefaction and regasification, and has been Chief Accounting Officer for a Fortune 50 Company. His unique background will materially assist the LNGL Group to accelerate its corporate and project plans in North America, and potential operations in Australia and elsewhere. I am extremely pleased to have the opportunity to work with Mike and know that he will be an invaluable member of our Executive Management team."
"Norm has had a major role in the development of our Company as both a founding Director and Group CFO. With his experience in project financing with the Commonwealth Bank of Australia, Norm has the banking expertise to work with our project equity partner, Stonepeak Partners LLC, and financial advisor and debt arranger, BNP Paribas, to deliver Financial Close for Magnolia LNG in mid-2015. Norm is also working with the MLNG team on the EPC Contract and Tolling Agreement that form an integral part of the project financing documentation required for Financial Close. I am also very pleased that Norm has accepted an invitation to extend his contract to 31 December 2016, and look forward to his continuing contribution as a member of our Executive Management team," 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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