(MENAFN- ProactiveInvestors)
( OTC ADR:LNGLY) is raising funds through a share placement to progress its North American liquefied natural gas projects.
Market sources indicate the capital raising could be in the range from $160 million to $190 million.
Proceeds will be likely be used to progress its Magnolia and Bear Head LNG projects.
Earlier this month the company agreed on contract terms and conditions with the Kellogg Brown & Root LLC (NYSE:KBR) and SK E&C Group joint venture (KSJV) relating to the engineering procurement construction and commissioning phase of the Magnolia LNG Project.
Separately the company has selected () to provide owner’s engineer services for the EPC phase of the project.
Magnolia LNG is planned as a 8 million tonne per annum liquefied natural gas export project comprising of four liquefaction trains each capable of producing up to 2Mtpa of LNG (1.7Mtpa firm).
Financial close is expected this year with early works to begin in the second half of 2015.
Shares in the company are currently in an ASX trading halt until the opening of trade on Wednesday 20th May 2015 or earlier if an announcement is made to the market.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.