Tellurian to put 10 mln shares for sale

Following its distribution agency agreement with Credit Suisse Securities to list company shares on the Nasdaq capital, Tellurian said it plans to offer 10 million company shares for sale. 

The company said on Wednesday, it expects to grant the underwriters an option for 30 days to purchase up to an additional 1.5 million shares of common stock of the company to cover over-allotments if any.

According to the agreement with Credit Suisse Securities, Tellurian expects proceeds of up to US$200 million.

Tellurian was formed through a merger between Magellan Petroleum, an independent oil and gas exploration and production company and Tellurian Investments formed in February 2016, by Charif Souki, former founder and CEO of LNG export player Cheniere Energy and Martin Houston, former COO of BG Group, now owned by Shell.

The company is developing a 26 million tons per annum (mtpa) liquefied natural gas export project near Lake Charles, Louisiana in the US Gulf Coast.

Tellurian’s two units Driftwood LNG and Driftwood Pipeline have completed the pre-filing phase in April and submitted a formal application with the Federal Energy Regulatory Commission to construct and operate an LNG export facility and a 96-mile pipeline connecting the facility to interstate pipelines.

First LNG is expected to be produced from Driftwood LNG in 2022.

LNG World News Staff