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NEWS RELEASE for release Wednesday, 9 August 2017 at 5:15 am Central
Tellurian reports completion of Driftwood LNG FEED and Q2 financial results
HOUSTON, Texas (Marketwired August 9, 2017) Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to progress development of the Driftwood LNG terminal and Driftwood pipeline (together, the Driftwood Project) during the second quarter of 2017. Notably:
|||Bechtel completed the front-end engineering and design (FEED) study and submitted a lump sum turnkey (LSTK) engineering, procurement and construction (EPC) proposal for the Driftwood LNG terminal;|
|||Tellurian launched commercial and marketing efforts at the Gastech 2017 conference in Tokyo, Japan; and|
|||TELL was added to the Russell 2000 index.|
Tellurian reported a net loss of approximately $33 million, or ($0.17) per share (basic and diluted), for the three months ended June 30, 2017.
President and CEO Meg Gentle said, Completion of the FEED study is an important accomplishment in the development of the Driftwood Project. The FEED study is the culmination of a years work and a testament to the strength of the Bechtel, GE, Chart, and Tellurian engineering teams. The EPC proposal differentiates the Driftwood Project from other projects by enhancing cost certainty, which will support commercial and financing discussions. We anticipate executing a binding EPC agreement with Bechtel this autumn, and we intend to begin producing LNG in 2022.
|Estimated Driftwood Project timeline|
|LSTK EPC contract||Mid-2017|
|LNG sales and purchase agreements||1H 2018|
|FERC construction authorization||Mid-2018|
|Liquefaction project financial close||Mid-2018|
Q2 2017 Results
Tellurian reported a net loss attributable to common stockholders of approximately $33 million for the three months ended June 30, 2017. The net loss includes (i) approximately $15 million of development expenses, primarily associated with the development of the Driftwood Project and related regulatory filings, and (ii) approximately $18 million of general and administrative expenses.
1201 Louisiana Street Suite 3100 | Houston, TX 77002 | TEL + 1 832 962 4000 | www.tellurianinc.com
The following information was filed by Tellurian Inc. (TELL) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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