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    LNG   AU000000LNG0

LIQUEFIED NATURAL GAS LIMITED

(LNG)
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Liquefied Natural Gas Limited : - Entry into sale transaction

05/13/2020 | 10:13am EDT

Liquefied Natural Gas Limited (ASX: LNG) announces that it has entered into a binding sale transaction (Transaction) in respect of its interest in subsidiary entities that own and operate the Magnolia LNG Project, including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC.

The details of the Transaction are: Acquirer: Global Energy Megatrend Limited (or a subsidiary)

Consideration: USD$2.25 million

Targeted completion date: On or before Friday, 15 May 2020

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.

The Transaction does not include the Company's interest in the business and assets of the Bear Head LNG project, which remain owned by entities controlled by the Company. While the Company's patented optimized single mixed refrigerant (OSMR) liquefaction process technology will be sold as part of the Transaction, the Bear Head LNG project will retain a perpetual licence to use that technology.

Contact:

Tel: +1 713 815 6900

Fax: +1 713 815 6905

(C) 2020 Electronic News Publishing, source ENP Newswire

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Managers and Directors
NameTitle
Gregory M. Vesey Chief Executive Officer & Managing Director
Michael Reed Mott Chief Financial Officer
John G. Baguley Chief Operating Officer
D. Michael Steuert Independent Non-Executive Director
Rose Haddon Secretary & Director