LNG Ltd raises Fisherman's Landing funds
LIQUEFIED Natural Gas Ltd has received strong support for its LNG project at Fisherman's Landing, Gladstone, after raising $29.4 million through an oversubscribed institutional placement.
The placement of 23.5 million new shares at $1.25 each – representing a 12.6% discount to its closing price on October 12 – to professional and sophisticated investors will be used to develop the liquefied natural gas project.
This includes site ground improvement and early works to enable construction to start in early 2010.
“We are extremely pleased with the level of support for the placement. The funds raised places LNG [Ltd] in a strong position to further advance the 3million tonne per annum Gladstone LNG project at Fisherman’s Landing and will greatly contribute to the objective of delivering first LNG from Gladstone in 2012,” LNG Ltd managing director Maurice Brand said.
LNG Ltd will also offer existing shareholders the opportunity to subscribe for up to $15,000 worth of new shares at $1.25 each.
This share placement will be capped at about $22 million.
LNG Ltd’s liquefaction technology was recently found to be technically sound and fit, while the company’s decision to use membrane tanks for storage was approved by Queensland authorities subject to a number of conditions being in place.
The company will source its gas from coal seam gas producer Arrow Energy.
Thursday, 15 October 2009
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