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  • Tellurian reports progress made on Driftwood Project
    édité le 11/05/2017 - Plus de news de "Tellurian" - Voir la fiche entreprise de "Tellurian"

Tellurian reports progress made on Driftwood Project
Tellurian Inc. reports significant progress made on its proposed Driftwood LNG terminal and Driftwood pipeline (together the Driftwood Project) during the first quarter of 2017. Notably, Tellurian:

- Issued 23% of its common stock to Total for $207 million,
- Closed a reverse subsidiary merger with Magellan Petroleum Corporation (Magellan) to become a public company which is listed on the Nasdaq,
- Received authorization to export LNG to free trade agreement countries,
- Submitted applications to the Federal Energy Regulatory Commission (FERC) to construct and operate the Driftwood Project, and
- Engaged Société Générale as a financial advisor.

Tellurian also reported a net loss of $141 million, or ($0.92) per share (basic and diluted), for the three months ended March 31, 2017.

President and CEO Meg Gentle said, “Tellurian continues to consistently execute its plans to build a global natural gas business and has laid the foundation to design, permit, and finance the next world-scale LNG infrastructure in southwest Louisiana. We recently began marketing LNG to potential customers and we have received positive feedback and interest in our Driftwood Project which we expect to produce first LNG in 2022.”

Estimated Driftwood Project timeline:

LSTK EPC contract: Mid-2017
LNG sales and purchase agreements: 1H 2018
FERC construction authorization: Mid-2018
Liquefaction project financial close: Mid-2018
Begin construction: Mid-2018
Begin operations: 2022

About Tellurian Inc.

Tellurian (NASDAQ: TELL) was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle.
Tellurian plans to build a natural gas business that includes development of Driftwood LNG, a 26 mtpa LNG export facility, and an associated pipeline. Tellurian intends to create value for shareholders by developing lowcost natural gas-related infrastructure, profitably delivering natural gas to customers worldwide and pursuing value-enhancing, complementary business lines in the energy industry. Tellurian is based in Houston, Texas and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.

Origine : Communiqué Tellurian

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