TELL ("Tellurian") announced today that their project Driftwood LNG has received authorization from the United States Department of Energy to export liquefied natural gas (LNG) to free trade agreement (FTA) nations.
Tellurian has also submitted an application to export LNG to non-FTA nations and expects to file their Federal Energy Regulatory Commission (FERC) application later this quarter.
Driftwood LNG is a proposed 26 million tonnes per annum LNG export facility near Lake Charles, Louisiana in the US Gulf Coast. Tellurian expects to begin construction of Driftwood LNG in 2018 and deliver first LNG in 2022, with full operations in 2025.
Tellurian Investments Inc. was founded as a private company on February 23, 2016, by Charif Souki and Martin Houston. On February 10, 2017, it merged with a wholly owned subsidiary of Magellan Petroleum Corporation. Upon close of the merger, Magellan Petroleum Corporation changed its name to Tellurian Inc. (Tellurian), and is listed on the Nasdaq under the symbol TELL. The employees and contractors of Tellurian are experienced industry experts developing low-cost LNG infrastructure projects along the United States Gulf Coast. The team plans to deliver low-cost LNG to customers from Driftwood LNG, a 26 million tonnes per annum liquefied natural gas export facility expected to become operational in 2022.
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "assume," "believe," "budget," "estimate," "expect," "forecast," "initial," "intend," "may," "plan," "potential," "project," "should," "will," "would," and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the performance, timing and permitting of Tellurian's Driftwood LNG project. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about the development and performance of the Driftwood LNG project, other matters discussed in the "Risk Factors" section of the Registration Statement on Form S-3 filed by Tellurian with the Securities and Exchange Commission (the "SEC") on February 10, 2017, and other filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Source: Tellurian Inc.
Date: Mar 2, 2017