Natural Gas World
  • Natural Gas News

    Australia's LNG Ltd Raises A$39 Mn to Fund Canadian LNG Project Acquisition

    old

Summary

Perth based Liquefied Natural Gas Limited (LNGL) has raised A$38.6 million via share placement to fund the acquisition of 100% of Bear Head LNG Corporation (BHLC) from a subsidiary of Anadarko for $11.0 million.

by: shardul

Posted in:

Asia/Oceania

Print This Article

Australia's LNG Ltd Raises A$39 Mn to Fund Canadian LNG Project Acquisition

Perth based Liquefied Natural Gas Limited (LNGL) has raised A$38.6 million via share placement to fund the acquisition of 100% of Bear Head LNG Corporation (BHLC) from a subsidiary of Anadarko for $11.0 million.

The Bear Head LNG Project is located in Richmond County, Nova Scotia, Canada.

The proceeds would also be used to fund the development (including the FEED Study, permit and regulatory approvals and all Project Documentation) of the Bear Head LNG Export Project through to a possible Final Investment Decision in 2016, the company said Wednesday.

LNGL plans to transform Bear Head into a 4 mtpa LNG export facility with potential for future expansion. 

The Australian company, while announcing the purchase, on Monday said acquisition is in line with LNGL’s strategy of acquiring sites in North America where the company can replicate its Magnolia LNG Project. 

Related Articles