Tellurian paves road for $200 mln share offering

Tellurian paves road for $200 mln share offeringRendering of the Driftwood LNG project (Image courtesy of Tellurian)

Tellurian signed a distribution agency agreement with Credit Suisse Securities to list company shares on the Nasdaq capital market for total proceeds of up to US$200 million. 

Under the agreement, Tellurian, will set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made.

The company will also set any limitation on the number of shares that may be sold in any one trading day, and any minimum price below which sales may not be made.

The distribution agreement provides that Credit Suisse will be entitled to compensation for its services at a fixed commission rate equal to 3.0 percent of the gross sales price per share sold through it as the company’s sales agent, Tellurian’s statement reads.

Tellurian was formed through a merger between Magellan Petroleum, an independent oil and gas exploration and production company and Tellurian Investments formed in February 2016, by Charif Souki, former founder and CEO of LNG export player Cheniere Energy and Martin Houston, former COO of BG Group, now owned by Shell.

The company is developing a 26 million tons per annum (mtpa) liquefied natural gas export project near Lake Charles, Louisiana in the US Gulf Coast.

First LNG is expected to be produced from Driftwood LNG in 2022.

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