HOUSTON–(BUSINESS WIRE)–#LNG–Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to build its global natural gas business during the second quarter of 2018. Notable Tellurian achievements:
- Generated approximately $115.2 million in proceeds from a public offering of common stock.
- Received a Coastal Use Permit from the Louisiana Department of Natural Resources and Air Permits from the Louisiana Department of Environmental Quality for the Driftwood Project.
- Closed two open seasons on proposed pipelines – the Permian Global Access Pipeline and the Haynesville Global Access Pipeline – receiving non-binding indications of interest for both projects in excess of available capacity.
- Advanced the sale of LNG and Driftwood Holdings’ partnership interests, with approximately 25 customer/partners conducting due diligence.
President and CEO Meg Gentle said, “All the pieces of the integrated project are coming together as planned, and we remain on schedule to announce our partners in the third or fourth quarter, begin construction of Driftwood LNG in first half 2019, and deliver LNG to the global market in 2023.”
|Estimated Driftwood project timeline|
|Final Environmental Impact Statement||12 October 2018|
|FERC order and Federal Authorization Decision Deadline||10 January 2019|
|Driftwood final investment decision||1H 2019|
|Begin construction||1H 2019|
Tellurian ended its second quarter of 2018 with approximately $196.8 million of cash and cash equivalents and no debt. We have a strong balance sheet consisting of approximately $373.5 million in assets, of which approximately $90.3 million represents our proved natural gas properties.
Tellurian reported a net loss of approximately $35.9 million, or $0.17 per share (basic and diluted), for the three months ended June 30, 2018.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.