Perth-based Liquefied Natural Gas Ltd (LNGL) has announced that its 100% owned subsidiary, Gladstone LNG – owner of the Fisherman’s Landing LNG (FLLNG) project – has extended the FLLNG site agreement for lease with the Gladstone Ports Corporation (GPC) to 21 March 2017.
The company also announced that the agreement includes an option to further extend on the same terms through to March 2018, subject to the provision of “appropriate evidence” to GPC that the project remains a positive investment intention.
LNGL said there were no other changes to the Site Agreement for Lease which was originally signed on 4 May 2010.
Managing Director and CEO Maurice Brand said the GPC extension dates were more consistent with the Queensland Government’s Department of Natural Resources and Mines date (31 December 2017) for completion of the FLLNG Project construction under the Petroleum Facility Licence No.18 and the Petroleum Pipeline Licence No. 161.
“The extension of the Site Agreement for Lease with the Gladstone Ports Corporation helps us progress towards recommencing the development of the FLLNG Project. LNGL continues to investigate opportunities for gas supply to the FLLNG Project and discussions with potential LNG buyers supplying the Asian market are ongoing,” Mr Brand added.
“No significant capital commitment to the FLLNG Project will occur until binding agreements are materially advanced. The costs associated with this extension and support services falls within the Company’s existing three year cash management plan.”
The FLLNG project envisions building a mid-scale, 3.5 mtpa design capacity LNG export terminal at Fisherman’s Landing in the Port of Gladstone, Queensland.
The site has access to existing port infrastructure and services and is capable of accommodating up to 4 LNG trains, with a combined LNG design capacity of 7 mtpa.
