July 24, 2016 - 6:58 PM EDT
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Liquefied Natural Gas Ltd (LNGLY) Quarterly Highlights for June 2016

Perth, Australia (ABN Newswire) - Liquefied Natural Gas Limited's (ASX:LNG) (OTCMKTS:LNGLY) (LNGL or the Company) focus continues to be threefold: complete marketing of Magnolia LNG's offtake capacity to progress this project through financing and into construction; finalize Bear Head LNG regulatory permitting, engineering, and the marketing of liquefaction tolling capacity; and preserving our existing liquidity through effective cash management. The LNGL executives and staff are committed to delivering these key objectives.
The Company's total cash position as at 30 June 2016 was A$71.4 million and there is no debt.

The LNG industry is currently challenged by an LNG supply / demand imbalance. However, the Company's business model of mid-scale LNG export projects, using our wholly owned patented OSMR(R) liquefaction process technology, positions the Company for long-term global success due, in part, to our industry leading low cost solutions.

I look forward to meeting our shareholders who are able to attend the presentations this week in Sydney (25th July), Melbourne (27th July), and Perth (28th July), which we have highlighted in an ASX release on 6 July.

QUARTER HIGHLIGHTS

Magnolia LNG:

- Magnolia LNG received its United States Federal Energy Regulatory Commission (FERC) Order to site, construct, and operate facilities to liquefy and export domestically produced natural gas from the LNG export terminal

- The Louisiana Department of Environmental Quality (LDEQ) approved the air permit for the Magnolia LNG project

- FERC also authorised the Kinder Morgan Louisiana Pipeline LLC (KMLP Pipeline) to install compression and other related facilities on the KMLP Pipeline, facilitating the transportation of full feed gas volumes to the Magnolia LNG project

- Magnolia LNG and the KSJV (a joint venture between KBR and SKE&C, led by KBR) agreed to extend the validity period of the signed engineering, procurement, and construction (EPC) contract price through 31 December 2016

Bear Head LNG:

- Bear Head LNG received Governor in Council approval for a licence to import natural gas from the United States and a licence to export LNG from Bear Head LNG's project site

- In early July 2016, Nova Scotia Environment (NSE) approved Bear Head LNG's Greenhouse Gas (GHG) Management Plan for its liquefied natural gas facility on the Strait of Canso in Richmond County, Nova Scotia

Corporate:

- Appointments of a new Managing Director and Chief Executive Officer, Mr Greg Vesey, and Mr Maurice Brand as an Executive Director

Share movements:

- On 22 June 2016, 250,000 ordinary shares were issued on the exercise of options on 21 June 2016, a further 250,000 ordinary shares were issued on the exercise of options on 28 June 2016

- At the date of this report, there are 1,759,000 options outstanding, having option expiration dates of 8 July 2016 (759,000 options with strike prices ranging from A$0.24 to A$0.28) and 20 December 2016 (1,000,000 options with a strike price of A$0.465)

Financial Position:

- During the June quarter 2016, net operating cash outflow was A$16.0 million, which compares with the March quarter 2016 figure of A$29.6 million. Management expects net cash outflows to continue to trend lower reflecting execution of the Company's cost management strategy

- LNGL's total cash balance as at 30 June 2016 was A$71.4 million, which compares to A$85.8 million as at 31 March 2016. The Company has no debt

To view the report, please visit:
http://abnnewswire.net/lnk/1Z331A52



About Liquefied Natural Gas Ltd:

Liquefied Natural Gas Limited (ASX:LNG) (OTCMKTS:LNGLY) (LNGL) is an ASX listed company whose portfolio consists of 100% ownership of the following companies:

- Magnolia, a US-based subsidiary, which is developing an 8 mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;

- Bear Head LNG Corporation (Bear Head LNG), a Canadian based subsidiary, which is developing an 8 mtpa or greater LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;

- Gladstone LNG Pty Ltd, a subsidiary which plans to develop the 3.5 mtpa Fisherman's Landing LNG (FLLNG) Project at the Port of Gladstone in Queensland, Australia; and

- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR(R) LNG liquefaction process, a mid-scale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.



Source:

Liquefied Natural Gas Ltd



Contact:

Mr. Greg Vesey
Managing Director & CEO
LNG Limited
T: +1-713-815-6900

Mr. Mike Mott
Chief Financial Officer
LNG Limited
T: +1-713-815-6909
 

Source: ABN/Asia Business Newswire (July 24, 2016 - 6:58 PM EDT)

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