LNG Limited of Australia today issued its March 2012 Quarterly Report.
Quarterly highlights
– Cash balance of $11.8 million as at 31 March 2012.
– Largest shareholder in Metgasco Limited with a 10.25% shareholding.
– Sale of Oil Basins Limited shares realising $1,011,026 and a net profit of $120,777.
– Patents granted in Eurasia, Hong Kong and Ukraine for “Boil‐off Gas Treatment Process System” and in Ukraine for “A Method and System for Production of LNG” (OSMR®). Both technologies are owned 100% by the Company.
Gladstone LNG Project – Fisherman’s Landing developments:
– Negotiations on initial gas supply arrangements are well advanced.
– Discussions ongoing with Westside Corporation Limited on a potential takeover offer
– EPC Services and Open Book Conversion Contract signed with the Company’s largest shareholder China Huanqiu Contracting & Engineering Corporation (HQC).
Outlook for Next Quarter:
– Conclude initial gas supply arrangements for the Company’s LNG Project, at Fisherman’s Landing, Port of Gladstone.
– Satisfy the Agreement for Lease conditions with Gladstone Ports Corporation Limited for the 25 hectare LNG project site at Fisherman’s Landing, incorporating No 5 berth.
More Info: here
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LNG World News Staff, April 30, 2012