Liquefied Natural Gas Ltd. (ASX: LNG.AX), the Australian company planning to build plants to liquefy gas in the U.S. and Canada, is considering a third project in North America to take advantage of increasing demand, Bloomberg said Sept. 24.
Starting next month, the Perth-based company will look at options to “unlock further value,” including trading on a second stock exchange, Managing Director Maurice Brand said Sept. 24 by phone. Liquefied Natural, which has climbed almost 15-fold in Sydney trading this year, is preparing to open an office and hire executives in Houston, he said.
Liquefied Natural has attracted investors including Boston-based Baupost Group LLC as it moves ahead with plans to develop the Magnolia LNG project in Louisiana. The company agreed in July to acquire the Bear Head LNG venture in Canada from Anadarko Petroleum Corp. (NYSE: APC) for $11 million and is evaluating four or five other potential investments, Brand said.
“We’ve got an active short list,” he said. “We’ve got to deliver the big-ticket items for Magnolia first. But while we’re doing that, we need to be looking for new opportunities.”
Liquefied Natural fell 0.9% to AU$4.29 as of 3:24 p.m. in Sydney, while the benchmark index dropped 1%. Its market value has swelled to almost AU$2 billion (US$1.8 billion) this year.
Recommended Reading
ShearFRAC, Drill2Frac, Corva Collaborating on Fracs
2024-03-05 - Collaboration aims to standardize decision-making for frac operations.
Crescent Energy: Bigger Uinta Frac Now Making 60% More Boe
2024-05-10 - Crescent Energy also reported companywide growth in D&C speeds, while well costs have declined 10%.
EOG: Utica Oil Can ‘Compete with the Best Plays in America’
2024-05-09 - Oil per lateral foot in the Utica is as good as top Permian wells, EOG Resources told analysts May 3 as the company is taking the play to three-mile laterals and longer.
Well Logging Could Get a Makeover
2024-02-27 - Aramco’s KASHF robot, expected to deploy in 2025, will be able to operate in both vertical and horizontal segments of wellbores.
Shell Brings Deepwater Rydberg Subsea Tieback Onstream
2024-02-23 - The two-well Gulf of Mexico development will send 16,000 boe/d at peak rates to the Appomattox production semisubmersible.