Icon Energy Extends GSA with Shantou SinoEnergy

Icon Energy and Shantou SinoEnergy have agreed to extend the completion date for conditions precedent in the GSA signed by the companies in March 2011.The new date for completion of „Conditions Precedent“ is on or before 30 June 2015.

The LNG sales agreement includes following conditions precedent with amended dates:

– Shantou SinoEnergy is to obtain any necessary import approvals on or before 30 June 2015 from Chinese government Authorities to allow the construction and operation of the receiving facilities and the purchase and import by it of LNG under the LNG sales agreements.

– Icon will also have to deliver to Shantou SinoEnergy on or before 30 June 2015 the written certification of a rating agency specifying for buyer a credit rating of AAA or Aaa;

– Icon will deliver to Shantou on or before 30 June 2015 a reserves certificate of at least 2.0 TCF of proven and probable reserves of natural gas;

– Icon has to obtain, by or before 30 June 2015 all required authorizations (including for the development and operation of any feedstock fields and LNG facilities) on terms satisfactory to seller in its sole discretion.

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Press Release, June 30, 2014