International
LNG Limited moving headquaters to Houston, getting listed on Nasdaq
Australian liquefied natural gas company LNG Limited is moving its headquaters to Houston and getting listed on the Nasdaq stock exchange.The company’s board of directors made the decision during a vote on Monday morning decision Australian time but is Sunday evening in Houston time.Dates for the headquarters move and stock exchange listing depend on the length of regulatory processes in the United States and Australia. LNG Limited already has its principal offices in downtown Houston. The company pledegd to update shareholders as milestones are completed.”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.”The Federal Energy Regulatory Commission originally permitted the facility to produce 8 million metric tons of liquefied natural gas per year in April 2016 but LNG Limited is seeking permission to boost production by 800,000 metric tons of liquefied natural gas per year.Efforts to get that approval took a step forward earlier this month when FERC officials issued a notice of intent to prepare a supplemental environmental impact statement for the production capacity increase.In an updated engineering, procurement and construction contract, LNG Limited estimates that the facility $4.623 billion and is based on 8.8 milllion tons per year at a cost of $525 per ton.Founded in 2002 and headquartered in Sydney, Australia, LNG Limited has its principal offices in Houston.With little revenue until it has working projects, LNG Limited posted a $5.5 million loss during the first quarter but maintains more than $19.8 million in cash reserves.