Tellurian, the company developing the 26-mtpa Driftwood LNG export facility, and an associated pipeline canceled its plans to sell company shares.
The cancellation comes only a day after the company revealed its plans to sell 10 million company shares.
“Due to the current market environment and in the interest of achieving the best value for our stockholders, we have decided to withdraw our recently announced public offering of common stock,” Meg Gentle, CEO of Tellurian said.
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.
Tellurian’s two units Driftwood LNG and Driftwood Pipeline have completed the pre-filing phase in April and submitted a formal application with the Federal Energy Regulatory Commission to construct and operate an LNG export facility and a 96-mile pipeline connecting the facility to interstate pipelines.
First LNG is expected to be produced from Driftwood LNG in 2022.
LNG World News Staff