Perth-based LNG Limited completed the sale of all the shares in Gladstone LNG, completing the exit from the Fisherman’s Landing liquefied natural gas export project in Gladstone.
Under the executed share sale agreement with an unnamed third-party, LNG received $800,000, previously held in a trust account under a previously disclosed license transfer deal, as well as a reimbursement for security deposits posted by Gladstone LNG related to the Fisherman’s Landing project licenses.
With the execution of the agreement, the buyer secured ownership of the proposed Fisherman’s Landing LNG project, including the licenses and the opportunity to utilize LNGL’s OSMR technology on a future LNG project at the Fisherman’s Landing Gladstone site.
The buyer shall pay LNGL an additional $4 million if financial close is achieved for an LNG project at the site.
“This agreement completes LNG Limited’s exit from the Fisherman’s Landing project,” said Greg Vesey, Managing Director and CEO of LNGL.
He noted the company is focused on its activities for both the Magnolia LNG project in Louisiana, United States, and the Bear Head LNG project in Nova Scotia, Canada.