Icon Energy Limited wish to advise that Icon and Shantou Sino Energy Co Ltd, of the Peoples’ Republic of China, have agreed to extend the completion date for conditions precedent in the Gas Sales Agreement in place for 40 million tonnes of LNG, (2Mtpa for 20 years).
The new date for completion of “Conditions Precedent” as detailed below is, on or before 30 June 2018.
The LNG Sales Agreement, signed by both parties in March 2011, includes the following conditions precedent with amended date of 30 June 2018:
(a) In favour of Shantou Sino Energy Co Ltd (as the Buyer of LNG):
Buyer obtaining any necessary import approvals on or before 30 June 2018 from Chinese Government Authorities to allow the construction and operation of the Receiving Facilities and the purchase and import by it of LNG under the LNG Sales Agreement;
• Buyer delivering to Seller on or before 30 June 2018 the written certification of a Rating Agency specifying for Buyer a credit rating of AAA (where the Rating Agency is S&P) or Aaa (where the Rating Agency is Moody’s).