Australia: LNG Ltd Announces Board and Management Changes

Liquefied Natural Gas Limited announced Board and proposed management changes.

In announcing the Board changes, Company Chairman Richard Beresford said that “the Board had been assessing for some time its composition and what changes would achieve improved governance while allowing the Company to accelerate the substantial momentum that is building in its Magnolia LNG Project”.

Liquefied Natural Gas Limited announced Board and proposed management changes that will assist the Company to:

• Focus on the delivery of the Company’s 100% owned Magnolia LNG Project in the USA through to Final Investment Decision;
• Market the significant advantages of the Company’s LNG business model which centres on its wholly owned OSMR® LNG process technology, in which there is increasing LNG industry interest; and
• Reduce the size of the Board resulting in a majority of Non‐Executive Directors.

“With these objectives in mind, the Board has agreed with Paul Bridgwood and Norman Marshall that they will step down from the Board after this year’s Annual General Meeting on the 25 November 2013 but continue in their key executive roles of Chief Technical Officer and Chief Financial Officer respectively. Norm and Paul have also been appointed Managers (Directors) of Magnolia LNG, LLC, which will require them to spend considerable time in the drive for the Magnolia LNG Project to achieve a Final Investment Decision”, said Richard.

“The Board has also agreed to start the search for a USA based Non Executive Director who has substantial relevant experience in major project development and construction in the USA. The Company hopes to make this appointment in the first half of next year”, added Richard.

The Company’s Managing Director and President of Magnolia LNG, LLC, Maurice Brand said “In order to maintain and accelerate the momentum of the Magnolia LNG Project the Company has begun the search for a Houston based Project Director. The primary role of the Project Director will be the overall management and coordination of the Magnolia LNG Project through to Final Investment Decision”.

“The Project Director will join Paul Bridgwood (Senior Vice President, Engineering and Construction), Norm Marshall (Senior Vice President, Finance and Commercial) and our existing Vice President, Development, Ernie Megginson, providing the Company with a very experienced management team and one capable, with the excellent team of consultants that have been engaged and the recruitment of several key additional personnel, to deliver the Magnolia LNG Project and maximise shareholder value“, added Mr Brand.

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LNG World News Staff, November 08, 2013; Image: LNG Ltd.