News Post
Australian LNG Ltd listing on NASDAQ and re-domiciling to Houston
Australian liquefied natural gas company LNG Limited is moving its headquarters to Houston and getting listed on the NASDAQ stock exchange, following regulatory and judicial approvals and an affirmative shareholder vote. Note LNG LImited already has its principal offices in Houston.
"After continued evaluation by the Board and management team and given the Company's confidence in raising new capital to fund our business and marketing efforts, we believe a U.S. re-domiciling is in the company's best interest," LNG Limited Board Chairman Paul Cavicchi said in a statement. "This listing change is expected to benefit LNGL and its shareholders by properly positioning and valuing the Company for future success."
LNGL is an Australian Stock Exchange listed company whose portfolio consists of 100% ownership of the following companies:
• Magnolia LNG, LLC (Magnolia LNG), a US-based subsidiary, which is developing an 8 million tonnes per annum (mtpa) or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
• Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian-based subsidiary, which is developing an 8 – 12 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
• Bear Paw Pipeline Corporation Inc. (Bear Paw), which is proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG; and
• LNG Technology Pty Ltd, a subsidiary which owns and develops the Company’s OSMR® LNG liquefaction process, a midscale LNG business model that plans to deliver lower capital and operating
costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.
FERC originally permitted the Magnolia facility to produce 8 MMTpya of LNG in April 2016 but LNG Limited is seeking permission to boost production by 800,000 tpy of LNG.
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