LNGL, Liquified Natural Gas Limited (ASX: LNG) via its fully owned project company, has agreed to extend the Meridian LNG offtake agreement through extension of the financial close date to 30 September 2018 of their legally binding agreement. This extension of three months will allow both parties to maintain commercial flexibility. All the other provisions of the governing agreements not amended by this particular extension remain in force and effect. Supporting infrastructure, truck load facilities, ship, barge and two 160,000 full containment storage are included in the construction and operation is included in Magnolia’s LNG project.
Other than Magnolia, LNGL’s portfolio consists of a Canadian based subsidiary, Bear Head LNG Corporation Inc., which is under development of an 8 – 12 mtpa or greater LNG export in Richmond country, Nova Scotia, Canada with further expansion potential. Bear Paw Pipeline Corporation Inc. is proposing to operate and construct a 62.5 km gas pipeline lateral to connect gas supply to bear head LNG. LNG Technology Pty. Ltd. which develops the Company’s OSMR LNG Liquefaction process, also owns it. Thus LNG provides a midsize business model that plans to deliver improved efficiency, faster construction, lower operating costs and lower capital relative to larger traditional LNG projects.
Liquified Natural Gas Limited is trading at a current market price of $0.562 as at 25 Jun 2018, up over 2%.
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