(MENAFN- ABN Newswire)
On 28 July 2014 Liquefied Natural Gas Limited (ASX:LNG) (OTCMKTS:LNGLY) announced that it had agreed to acquire 100% of the issued and outstanding capital of Bear Head LNG Corporation (BHLC) from a subsidiary of Anadarko Petroleum Corporation (Anadarko) and 100% of the Project Rights associated with a Project Site located in Richmond County Nova Scotia Canada (the Transaction) for US$11.0 million.
- The Transaction was finalised on 27 August 2014. The Company raised A$38.6 million (pre-costs) from US and Australasian institutional investors to primarily fund the acquisition and the development of Bear Head LNG Project.
- The Key Assets of BHLC include:
The Project Site in Northern Nova Scotia comprising (i) Land Lot: 180 acres of industrial-zoned land (~800m length x 890m wide) and (ii) Water Lot: 75 acres of land and water covered land (~330m length x 890m wide); and
The Project Rights in relation to the previously proposed LNG import terminal at the Project Site including all assets rights and obligations associated with the Bear Head project.
- Plans to transform the Bear Head LNG Project (Bear Head) into a 4 mtpa LNG export facility with potential for future expansion.
- LNGL has already developed a gas supply plan and a transportation plan and has interest from several parties to enter into Tolling Agreements adopting the same business model as the Magnolia LNG Project in Louisiana USA.
- Bear Head acquisition is consistent with LNG Limited's strategy of acquiring sites in North America where the Company can replicate its Magnolia LNG Project and fast-track development by using existing LNG Limited development team and OSMR(R) LNG technology.
To view the latest company presentation please visit:
http://media.abnnewswire.net/media/en/docs/ASX-LNG-692119.pdf
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