Tellurian developing 26 million tonnes per annum liquefied natural
gas export facility Driftwood LNG
Tellurian Investments Inc. (“Tellurian”) announced today that GE Oil &
Gas has made a $25 million preferred equity investment in Tellurian
which has an implied Tellurian Investment Inc. Common Stock value of
$5.94 per share.
Tellurian President and CEO Meg Gentle said, “This investment represents
another step forward in the development of Driftwood LNG, where we are
working together with GE to design the lowest cost liquefaction for the
global market. GE Oil & Gas has provided technology for LNG facilities
worldwide for over 25 years and is a pioneer in innovation and a leader
in reliability. We look forward to a long and beneficial partnership
with the GE team.”
Driftwood LNG is in the engineering design and pre-filing phase of the
project. The Federal Energy Regulatory Commission (FERC) approved
Driftwood LNG’s pre-filing request on June 6, 2016. Tellurian expects
construction on Driftwood LNG to begin in 2018 and the project to become
operational in 2022.
Tellurian entered into a merger agreement with Magellan Petroleum
Corporation (NASDAQ: MPET) on August 2, 2016, and expects the agreement
to close in the fourth quarter this year.
IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS
This communication does not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities or a solicitation
of any vote or approval. This communication relates to a proposed
business combination between Magellan and Tellurian.
In connection with the proposed transaction, Magellan intends to file
with the Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-4 that will include a joint proxy statement of
Magellan and Tellurian that also constitutes a prospectus of Magellan.
Each of Magellan and Tellurian also plan to file other relevant
documents with the SEC regarding the proposed merger. No offering of
securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the U.S. Securities Act of 1933, as
amended. Any definitive joint proxy statement(s)/prospectus(es) for
Magellan and/or Tellurian (if and when available) will be mailed to
shareholders of Magellan or Tellurian, as applicable. INVESTORS AND
SECURITY HOLDERS OF MAGELLAN AND TELLURIAN ARE URGED TO READ THE PROXY
STATEMENT(S), REGISTRATION STATEMENT(S), PROXY
STATEMENT(S)/PROSPECTUS(ES) AND OTHER DOCUMENTS THAT MAY BE FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION.
Investors and security holders will be able to obtain free copies of
these documents (if and when available) and other documents containing
important information about Magellan and Tellurian, once such documents
are filed with the SEC through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by Magellan will be available
free of charge on Magellan’s internet website at www.magellanpetroleum.com
or by contacting Magellan using the contact information below.
PARTICIPANTS IN SOLICITATION
Magellan and Tellurian and their respective directors, executive
officers and other members of their management and employees may be
deemed to be participants in the solicitation of proxies from the
companies’ shareholders in connection with the merger. Shareholders are
urged to carefully read the proxy statement regarding the merger when it
becomes available, because it will contain important information.
Information regarding the persons who may, under the rules of the SEC,
be deemed participants in the solicitation of the companies’
shareholders in connection with the merger will be set forth in the
proxy statement when it is filed with the SEC. You can find information
about Magellan’s executive officers and directors in its definitive
proxy statement filed with the SEC on June 6, 2016. You can obtain free
copies of these and other documents containing relevant information at
the SEC's web site at www.sec.gov
or by directing a request to the address or phone number set forth below.
About Tellurian
Tellurian Investments Inc. is a private company founded by Charif Souki
and Martin Houston. They are underpinned by a group of experienced
industry experts developing low-cost liquefied natural gas (LNG)
projects along the United States Gulf Coast. The team delivers results
using a repeatable and simple design, off-the-shelf equipment and
multiple production units to enhance reliability. The team has delivered
cost-leading LNG projects over more than 50 years. They focus that
collective knowledge and expertise on establishing a new global standard
and delivering the lowest cost LNG to customers. Tellurian entered into
a merger agreement with Magellan Petroleum Corporation (NASDAQ: MPET) on
August 2, 2016, and expects the agreement to close in the fourth quarter
2016.
For more information, please see the company’s website at www.tellurianinvestments.com.
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Copyright Business Wire 2016
Source: Business Wire
(November 28, 2016 - 8:00 AM EST)
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