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LNGL to Exit Fisherman's Landing LNG Project
Liquefied Natural Gas Limited (ASX: LNG, OTC ADR: LNGLY) (LNGL or the Company) announces that, following a review of the Company’s asset portfolio, it has decided to no longer fund the costs associated with maintaining the Fisherman’s Landing LNG (FLLNG) Project at the Port of Gladstone in Queensland, Australia, and to exit the project.

The Company is completing efforts to relinquish the site to the Gladstone Ports Corporation (GPC) and notify other relevant regulators. These actions are not believed to have a material impact on the Company’s current cash management plan.

Mr Greg Vesey, Managing Director and CEO of LNGL said, “The closure of the Fisherman’s Landing LNG Project was not an easy decision by the Company. However, after many years without success in securing the long-term economic gas supply that would be needed to proceed with project construction, we made a strategic decision to close the project.” Mr Vesey continued “We are grateful to the GPC and the Queensland Government for their support of the FLLNG Project over the last several years”.

About Liquefied Natural Gas Limited

Liquefied Natural Gas Limited (LNGL) is an ASX listed company (Code: LNG and OTC ADR: LNGLY) 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; and
- NG Technology Pty Ltd, a subsidiary which owns and develops the Company’s OSMR® 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.


Origine : Communiqué Liquefied Natural Gas Limited

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