Newsletter 
  INSCRIPTION Inscription | ESPACE ANNONCEURS Publicité | CONTACT Contact |PLAN DU SITE Plan


Europétrole, le portail de l'industrie du pétrole
 
 accueil | actualité française | actualité internationale | recherche | interviews | focus | actualité par entreprise | actualité pétrole/gaz de schiste 
Partager :



Liquefied Natural Gas Limited : Termination of sale transaction and completion of alternative transaction
We refer to the previous announcement dated 12 May 2020 in which Liquefied Natural Gas Limited disclosed that it had entered into a binding sale transaction with Global Energy Megatrend Limited (GEM) in respect of its interest in subsidiary entities that own the proposed liquefied natural gas terminal development in Lake Charles, Louisiana, USA (Magnolia LNG Project), including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC (together, the US Entities) (the GEM Transaction).

On 25 May 2020 (Sydney time), the Company terminated the GEM Transaction pursuant to the terms of the underlying agreement, due to GEM’s failure to close the transaction within the required timeframe. Shortly thereafter, the Company entered into a new transaction under which it has sold its interests in the US Entities to another party, Magnolia LNG Holdings, LLC (Magnolia), for a cash price of US$2.0 million (the Magnolia Transaction). The Magnolia Transaction was signed and closed on 26 May 2020.

In addition to the cash purchase price, the Company will receive an unsecured, non-interest bearing promissory note (Note) issued by Magnolia. The quantum of the Note is subject to adjustment for certain liabilities that Magnolia has assumed, but is expected to be approximately AU$2.0m. The Note is payable if the Magnolia LNG Project reaches financial close and a notice to proceed has been issued for the initiation of construction.

As part of the Magnolia Transaction, the Company and Magnolia have also agreed to work together (on a non-exclusive basis) on a potential recapitalisation proposal for the Company (Recapitalisation Proposal). If Magnolia and the Administrators, on behalf of the Company, enter into a Deed of Company Arrangement in respect of the Recapitalisation Proposal, but the transactions contemplated by that proposal are not consummated by 30 November 2020, Magnolia has agreed to pay the Company a break fee of US$0.3 million. If the Recapitalisation Proposal proceeds, Magnolia has the ability to pay out the Note by issuing existing shareholders in the Company with additional shares in the recapitalised Company to the value of the Note.

The Magnolia Transaction does not include the Company’s interest in the business and assets of the Bear Head LNG project, situated in Nova Scotia, Canada, which remain owned by entities controlled by the Company. While the Company’s patented optimised single mixed refrigerant (OSMR®) liquefaction process technology will be sold as part of the Magnolia 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

Voir la fiche entreprise de "Liquefied Natural Gas Limited"





Les dernières news de "Liquefied Natural Gas Limited"

 
 
 
Emploi-Pétrole
 
Rechercher une news



française internationale








 
Les dernières news internationales


>> Toute l'actualité internationale     >> RSS
 
Recherche de news par tags

abu-dhabi adnoc aker-solutions algeria algerie algerie alstom amec anadarko angola apache australia axens azerbaijan baker-hughes barents-sea bechtel bg-group bp brazil canada carburant cbi cgg chevron china chiyoda cnooc cnpc co2 commission-europeenne compressor conocophillips consommation cpdp deepwater discovery drilling e-on edf egypt emerson engie engineering eni equinor exxonmobil feed flng flowline fluor fluxys fmc foster-wheeler fpso fsru fugro gabon gas gaz gazprom gazprom-neft gdf-suez ge ghana gnl gtt gulf-of-mexico hess india indonesia inpex iraq jacobs jgc kbr keppel licence lng lukoil lundin maersk-drilling malaysia mcdermott methanier mozambique natural-gas nigeria nigeria nord-stream north-sea norway novatek offshore oman omv opec pdvsa pemex petrobras petrofac petronas pgnig pipeline platform qatar qatar-petroleum qatargas raffinerie refinery repsol rig riser rosneft russia rwe saipem santos saudi-aramco schlumberger seadrill senegal shah-deniz shale-gas shell sinopec socar sonatrach south-stream statoil subsea subsea-7 survey tap technip technipfmc texas total transocean tullow turbine ufip uk us vallourec vopak well wintershall wood-group woodside



Europétrole © 2003 - 2020