Liquefied Natural Gas Limited (ASX: LNG)- Extends Financial Close Of Meridian LNG Offtake Agreement

  • Sep 27, 2018 AEST
  • Team Kalkine
Liquefied Natural Gas Limited (ASX: LNG)- Extends Financial Close Of Meridian LNG Offtake Agreement

Liquefied Natural Gas shares surged on the announcement of extension of offtake agreement’s closure with Meridian LNG. Early this morning, 27 September 2018, Perth-based liquefied natural gas company LNG announced that it has extended the financial close date of offtake agreement with Meridian LNG Holdings Corporation by three months to 31 December 2018. The extension has been affected through 100% LNG’s owned project company, Magnolia LNG LLC.

Both the parties, Magnolia LNG LLC and Meridian LNG Holdings Corporation first entered into a binding liquefaction tolling capacity agreement on 23 July 2015. The agreement together with related pipeline and supply agreements provided the capacity right of 2.0 mtpa at Magnolia LNG to Meridian LNG Holdings. The initial term of contract was fixed to 20 years with an option to extend for further five years.

The extension is said to support both the interested parties in maintaining the flexibility of commercial transactions. The company informed that all the other terms of agreement remain in place, unless specifically mentioned.

Company profile of the interested parties:

Meridian LNG Holdings Corporation is the United Kingdom based transatlantic Liquefied Natural Gas developer. The company is engaged into LNG regasification, shipping and trading network activities. Meridian LNG flagship facility includes Port Meridian. It is an import and regasification terminal which connects to UK National Transmission System.

Liquefied Natural Gas Limited is into the development and distribution of natural gas liquefaction solutions. Perth based LNG provider owns export terminal projects of liquefied natural gas in Australia, Canada and the Unites States. Magnolia LNG LLC is a 100% owned project of Liquefied Natural Gas Limited. 

In the recently released 2018 annual report, Liquefied Natural Gas Limited (LNG) reported lower revenue of A$326k compared to A$367k in FY17. However, the bottom line has shown slight improvements as the net loss for the period decreased from A$29,312k in FY17 to A$22,783k in fiscal 2018. No dividend was recognized or paid by the company. As at 30 June 2018, cash and cash equivalents of the company amounted to A$22.5 million.

With this update, LNG share price edged up by 4.4% to trade at $0.71 on 27 September 2018 (2:45 PM AEST). The stock has seen a performance change of +74.36% over the past one year. In the last three months to 27 September 2018, LNG’s share price has gone up 19.30%.

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