Provides Update, Will Host Investor Conference Call
Perth, May 17, 2019 AEST (ABN Newswire) - LNG Limited (
ASX:LNG) (LNGLY:OTCMKTS) (LNGL or the Company) continues to market Magnolia LNG across the globe consistent with our plan to sign customers on a 'first come first serve basis' regardless of a buyer's location. Our commitment remains two-fold: achieve a final investment decision for Magnolia LNG while providing a fair return to our shareholders. At the same time, we continue to manage our cash prudently in this demanding market. The entire LNG Limited team is resiliently working to execute contracts and ready Magnolia for construction.
Recent trade and geopolitical developments, particularly the ongoing trade dispute between the United States and China, have impacts on the global LNG market. The main effect is long-term deals between business entities from the U.S. and China will not be signed until this dispute is settled. This pause impacts the entire LNG market, as others around the globe are being cautious with decisions while this dispute is ongoing, especially when coupled with other emerging factors including a soft spot market for LNG. It is our strong hope that China and the U.S. will strive for an agreement as businesses in both nations remain anxious to transact with each other. A resolution to the China-U.S. trade issue will also likely lead to increased urgency in other global LNG markets.
LNGL invites analysts, shareholders, and other interested parties to join a conference call with senior management on Wednesday, 22 May, at 9:00 a.m. (AEST - Sydney Time) which is 6:00 p.m. (U.S. - CST) on Tuesday, May 21, or 7:00 p.m. EST. During the call, management will provide an update on LNGL's strategy and current activities.
The conference call will be recorded and placed on the Company's website.
Conference call (toll free) numbers are as follows: Australia: 1800 123 296 or +61 2 8038 5221
Outside Australia:
Canada: 1 855 5616 766
China: 4001 203 085
Hong Kong: 800 908 865
India: 1800 2666 836
Japan: 0120 994 669
New Zealand: 0800 452 782
Singapore: 800 616 2288
United Kingdom: 0808 234 0757
United States: 1 855 293 1544
After dialing the conference call number above, please then dial the:
CONFERENCE ID:6178067
ABOUT MAGNOLIA LNG PROJECT
Magnolia LNG proposes to construct and operate up to four liquefaction production trains, each with a capacity of 2.2 mtpa or greater using the Company's patented OSMR(R) LNG process technology. Construction and operation includes two 160,000 m3 full containment storage tanks, ship, barge, and truck loading facilities, and supporting infrastructure. The LSTK EPC contract includes all elements of the project necessary to bring the facility into full guaranteed production operations. Magnolia LNG is fully permitted, having received its FERC Order and both FTA and non-FTA approval from the DOE. Final investment decision and initiation of construction is expected upon execution of sufficient offtake agreements to support financing.
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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