Golar Buys Stake in Liquefied Natural Gas Limited
Golar LNG Limited has signed an Equity Subscription Agreement with Liquefied Natural Gas Limited ("LNGL") to subscribe for 23 million shares at A$0.50 cents. Of the 23,000,000 shares, 13,950,000 are unconditional and 9,050,000 subject to Liquefied Natural Gas Limited shareholder approval. It is expected that Golar LNG will ultimately hold 19.83% of the issued capital and will become LNGL's largest shareholder. Golar have appointed their CEO Mr. Gary Smith to LNGL's Board of Directors.
Liquefied Natural Gas Limited is an Australian publicly listed company (ASX Code LNG) that brings a new concept to the international energy market. It has been formed to act as an energy link between previously discovered but non-commercial gas reserves and potential new energy markets identified by LNGL.
Liquefied Natural Gas Limited Managing Director, Mr. Maurice Brand, said that LNGL was delighted to welcome Golar LNG as a major shareholder and Gary as a Director.
The Board of Golar LNG believes that the innovative strategies
being pursued by Liquefied Natural Gas Limited will facilitate
the joint development of a number of new LNG project opportunities
enhancing Golar's ambitions to expand further into the LNG
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