LNG Limited of Australia Issues Quarterly Report

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