Liquefied Natural Gas - Marketing mode
Liquefied Natural Gas Ltd (LNGL) has made progress in the last six months towards Final Investment Decision (FID). Signing binding tolling agreements is key and encouragingly, the company is in discussion with potential partners for over three times the 8mtpa capacity. Importantly, the project retains its (non-binding) offtake agreement with Meridian and a heads of agreement with Vessel Gasification Solutions (VGS). Technically, the project is in good shape, with certainty over costs (until June 2017) and non-FTA approval received, while discussions with Stonepeak over extension of equity funding are advancing and debt funding capacity should be available. We have tweaked our DCF-based valuation for actual cash levels and FX rates, resulting in a broadly unchanged value of A$1.26/share (or US$3.84/ADR).Liquefied Natural Gas is developing Liquefied Natural Gas Limited (LNG) export terminal projects in the U.S., Canada, and Australia. Co. focuses on the identification and progression of opportunities for the development of LNG projects to facilitate the production and sale of LNG. Co.'s segments are: LNG Infrastructure, which includes the aggregation of the Magnolia LNG project, Bear Head LNG project, and Fisherman's Landing LNG project; and Technology and Licensing, which focuses on the development of LNG technology, through research and development activities, and the advancement of each developed technology to the patent application stage or ability to commercialise the LNG technology.
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