- On September 27, 2018, LNGL announced that Magnolia LNG and Meridian LNG Holdings Corporation agreed extension of the financial close date of their legally binding 2.0 mtpa offtake agreement to December 31, 2018. All other provisions of the governing agreements not specifically amended by this extension remain in full force and effect.
Bear Head LNG:
- On July 17, 2018, Bear Head LNG, LLC signed a Memorandum of Agreement (MOA) with the Nova Scotia Construction Labour Relations Association Limited and Cape Breton Building and Construction Trades. The MOA ensured access to the skilled workforce needed for Bear Head's proposed liquefied natural gas (LNG) facility on the Strait of Canso in Richmond County, Nova Scotia.
OSMR(R) Process Technology
- LNGL continued to examine technical improvements in the OSMR(R) technology and plant modular design to further reduce costs.
- The Company continues to engage with third-parties interested in using the OSMR(R) technology in their projects.
Security movements and capital raising:
- On August 1, 2018, LNGL announced that the Company had been granted a waiver by the ASX from Listing Rule 6.18 as referred to on page 2 of the Company's ASX announcement dated June 4, 2018, which related to the Share Placement to IDG Energy Investment Group Limited which raised gross proceeds of A$28.2 million before costs. The waiver grants IDG Energy Investment top-up rights to maintain their 9.9% investment in LNGL, subject to certain exceptions
- On July 10, 2018, LNGL announced in an Appendix 3B notice to the ASX that:
(i) 2,244,449 - 2015 Performance Rights lapsed;
(ii) 839,750 - 2017 Retention Rights partially vested and Ordinary Shares were issued;
(iii) 3,114,000 - 2018 Performance Rights were issued; and
(iv) 2,076,000 - Retention Rights were issued.
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About Liquefied Natural Gas Ltd
- 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.
Liquefied Natural Gas Ltd