(MENAFN- ProactiveInvestors)
( OTC ADR:LNGLY) shares have climbed nearly 60% in the past two weeks to an intra-day high of $3.19 today from $2.00 on 12 January 2015. Shares closed up 16.4% to $3.05.
The company has made substantial progress recently with the United States Patent and Trademark Office allowing the patent application for its core OSMR® LNG processing design.
Magnolia LNG project Lake Charles Louisiana
At its Magnolia LNG project the company continued to progress with the U.S. Federal Energy Regulatory Commission (FERC) all necessary permits and approvals for the development of the Magnolia LNG project which included responses to various anticipated engineering data and environmental information requests.
It has also reached an engineering procurement and construction (EPC) contract containing fixed and provisional sums agreed with SKE&C USA Inc. (SKEC).
Total capital cost for the planned 8 million tonnes per annum (Mtpa) project remains as previously stated on 24 February 2014 at US$3.5 billion equating to US$440/tonne.
In January Magnolia LNG also executed a memorandum of understanding with Kellogg Brown & Root LLC a wholly owned subsidiary of KBR Inc. (KBR) and SKEC.
Under the MoU whereby KBR and SKEC propose to execute a joint venture agreement on a 70/30 percent participation basis to deliver the 8Mtpa four train Magnolia LNG Project.
KBR will be the leader of the EPC Contract.
Negotiations are continuing with all four proposed tolling parties and several others.
Magnolia LNG remains on schedule for financial close in mid-2015 and first LNG in the fourth quarter of 2018.
Bear Head LNG Project Nova Scotia Canada
Bear Head LNG has filed for modifications to the existing construction and environmental permits granted by the Nova Scotia Utility and Review Board and Nova Scotia Environment.
The company also announced the expansion of the initial facility production capacity to 8Mtpa from 4Mtpa.
Bear Head LNG has filed an application with Canada’s National Energy Board (NEB) for an export license for up to 12Mtpa per year of LNG.
LNG Ltd also filed an application with the US Department of Energy (DOE) for authorisation to export natural gas to Canada for a 25-year period.
Fisherman’s Landing LNG Project Gladstone Queensland
Gladstone Ports Corporation Limited extended the Option to Lease until 31 March 2015 with an option to extend to 31 March 2016.
LNG Ltd has also signed a non-binding memorandum of intent (MOI) for gas supply with Tri-Star Petroleum Company (Tri-Star). Tri-Star has certain gas tenures in Queensland which could supply gas to FLLNG.
The Tri-Star MOI involves FLLNG processing Tri-Star’s potentially significant gas reserves to produce 1.5Mtpa of LNG over a 20-year term.
This gas supply would support FLLNG development to proceed with the first LNG train of 1.5Mtpa.
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