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Liquefied Natural Gas Limited : sale of Magnolia LNG Project
Liquefied Natural Gas Limited (ASX:LNG) announces that it has entered into a binding sale transaction (Transaction) in respect of its interest in subsidiary entities that own and operate the Magnolia LNG Project, including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC.

The details of the Transaction are:

- Acquirer: Global Energy Megatrend Limited (or a subsidiary)
- Consideration: USD$2.25 million
- Targeted completion date: On or before Friday, 15 May 2020

By disposing of the Magnolia LNG Project entities, liabilities associated with the Magnolia LNG Project (including liabilities relating to 16 employees) will pass to the Acquirer.

The Transaction does not include the Company’s interest in the business and assets of the Bear Head LNG project, which remain owned by entities controlled by the Company. While the Company’s patented optimized single mixed refrigerant (OSMR®) liquefaction process technology will be sold as part of the Transaction, the Bear Head LNG project will retain a perpetual licence to use that technology.

About Liquefied Natural Gas Limited

Liquefied Natural Gas Limited (ASX: LNG; OTC ADR: LNGLY) (LNGL) is an ASX listed company (Code: LNG and OTC ADR: LNGLY) whose portfolio consists of 100% ownership of the following companies:
- 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.

Origine : Communiqué Liquefied Natural Gas Limited

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