The Directors of Liquefied Natural Gas Limited wish to provide a general update on the development progress of its 8 million tonne per annum (mtpa) Magnolia LNG Project (MLNG Project), in Louisiana, United States of America (US). The MLNG Project is held through the Company's indirect 100% owned US subsidiary, Magnolia LNG, LLC (MLNG) and is being designed to comprise four LNG trains, each of 2 mtpa design capacity and guaranteed 1.7 mtpa firm production capacity.
LNG Offtake Agreements
•Advanced negotiations continue with two parties for ~ 4 mtpa with anticipated contract closings once the third parties sign their customer agreements and/or receive required Board approvals, which will occur after 31 March 2015.
•Magnolia LNG is confident it will close bankable offtake agreements for the full 8 mtpa of capacity, with initial LNG production from Train 1 forecasted for late 2018.