12/05/2020 - 14:02

LNGL sells Magnolia assets for $3.5m

12/05/2020 - 14:02

Bookmark

Save articles for future reference.

Perth-founded Liquefied Natural Gas Ltd is selling its Magnolia offshore LNG asset to a privately held UK company for $US2.25 million ($3.5 million), with the sale also including entities behind the project.

LNGL sells Magnolia assets for $3.5m
LNGL is selling its Magolia offshore LNG project to UK-based Global Energy Megatrend. Photo: LNGL (LinkedIn)

Perth-founded Liquefied Natural Gas Ltd is selling its Magnolia offshore LNG asset to a privately held UK company for $US2.25 million ($3.5 million), with the sale also including entities behind the project.

The announcement comes nearly two weeks after LNGL entered voluntary administration, recently appointing PwC to manage the company and its subsidiaries.

LNGL today said it would sell its Magnolia LNG project in offshore Louisiana to Global Energy Megatrend on or before May 15.

The sale includes LNGL subsidiary Pecan Inc, LNG Management Services, LLC and LNG Technology, which owns the group’s patented optimised single mixed refrigerant (OSMR) liquefaction process technology.

“By disposing of the Magnolia LNG project entities, liabilities associated with the Magnolia LNG project (including liabilities relating to 16 employees) will pass to the acquirer,” LNGL said in an ASX announcement today.

The now NSW-based company said its Canadian Bear Head project would retain a licence to use the OSMR technology.

LNGL has appointed PwC’s Craig Cosbie, Simon Theobald and Daniel Walley as its administrators.

LNGL requested a trading halt on April 30.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options