Perth - Liquefied Natural Gas Ltd. (ASX:LNG) (OTCMKTS:LNGLY) (LNGL or the Company) is pleased to advise that its 100% owned project company, Magnolia LNG, LLC (Magnolia) and Meridian LNG Holdings Corp (Meridian LNG) have agreed to further extend the financial close date condition precedent for Magnolia LNG from 31 December 2016 to 30 November 2017. All other provisions of the governing agreements not specifically amended by this extension remain in full force and effect.
LNGL Managing Director/CEO, Greg Vesey, said that "the extension of time with Meridian LNG provides additional time for Magnolia LNG to finalize additional offtake agreements and allows for a typical timeline to conclude both project equity and debt following the execution of offtake agreements."
About Liquefied Natural Gas Ltd:
Liquefied Natural Gas Ltd. (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 8 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 mtpa or greater LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG;
- Gladstone LNG Pty Ltd, a subsidiary which plans to develop the 3.5 mtpa Fisherman's Landing LNG (FLLNG) project at the Port of Gladstone in Queensland, Australia; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR(R) LNG liquefaction process, a mid-scale 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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Perth - Liquefied Natural Gas Ltd. (ASX:LNG) (OTCMKTS:LNGLY) (LNGL or the Company) is pleased to advise that its 100% owned project company, Magnolia LNG, LLC (Magnolia) and Meridian LNG Holdings Corp (Meridian LNG) have agreed to further extend the financial close date condition precedent for Magnolia LNG from 31 December 2016 to 30 November 2017. All other provisions of the governing agreements not specifically amended by this extension remain in full force and effect.
