Quarterly Activities Report
Perth, April 29, 2016 AEST (ABN Newswire) - Liquefied Natural Gas Ltd (
ASX:LNG) (LNGLY:OTCMKTS) are pleased to provide the Company's Quarterly Activities Report for March 2016.
Highlights:
- Appointments of a new Managing Director and Chief Executive Officer, Mr Greg Vesey, and Mr Maurice Brand as an Executive Director
- Magnolia LNG received its United States Federal Energy Regulatory Commission (FERC) Order to site, construct, and operate facilities to liquefy and export domestically produced natural gas from the LNG export terminal
- Magnolia LNG and the KSJV (a joint venture between KBR and SKE&C, led by KBR) agreed to extend the validity period of the signed engineering, procurement, and construction (EPC) contract price through 31 December 2016
- Magnolia LNG and Meridian LNG extended the financial close date condition precedent for the Magnolia LNG project contained in the executed offtake agreement through 31 December 2016
- United States Department of Energy (DOE) issued final authorization for Bear Head LNG to export LNG derived from U.S. produced natural gas to countries that do not have Free Trade Agreements (FTA) with the USA
- Bear Head LNG reached agreement to purchase additional land to allow for expansion of the proposed LNG export facility to up to 12 million tonnes per annum (mtpa) consistent with the approval granted previously by Canada's National Energy Board (NEB)
- Bear Paw Pipeline Corporation Inc. (Bear Paw) registered its Environmental Assessment (EA) with Nova Scotia Environment (NSE)
- Fisherman's Landing LNG extended its site lease agreement with the Gladstone Ports Corporation
Magnolia LNG Project, Lake Charles, Louisiana, United States (Magnolia LNG)
The Magnolia LNG project has achieved significant project milestones to date, which include (amongst other achievements):
- Receiving its FERC Order on 15 April 2016
In a related matter, FERC also authorized the Kinder Morgan Louisiana Pipeline LLC (KMLP Pipeline) to install compression and other related facilities on the KMLP Pipeline, facilitating the transportation of full feed gas volumes to the Magnolia LNG project.
Magnolia LNG and KMLP Pipeline have both accepted their FERC Order conditions;
- Signing of a binding lump sum turnkey EPC contract with the KSJV with pricing validity extended through 31 December 2016;
- Receiving the Louisiana Department of Environmental Quality air permit approval for the Magnolia LNG project;
- Signing an offtake agreement with Meridian LNG Holdings Corp. for up to 2 mtpa with an extended financial close date condition precedent for the Magnolia LNG project through 31 December 2016;
- Executing an Equity Commitment Agreement with Stonepeak and appointing BNP Paribas as the Financial Advisor; and
- Being granted FTA approval by the DOE for the export of 8 mtpa, and anticipating non-FTA approval in 2016.
To view the complete report, please visit:
http://abnnewswire.net/lnk/GA4TG57E
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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