Oz LNG Limited to Move Headquarters to US

Australia-listed Liquefied Natural Gas Limited (LNGL) July 22 said it is moving its headquarters to the US and will proceed to list on the Nasdaq stock exchange following regulatory and judicial approvals and an affirmative shareholder vote.

“After continued evaluation by the board and management team and given the company’s confidence in raising new capital to fund our business and marketing efforts, we believe a US re-domiciling is in the company’s best interest. This listing change is expected to benefit LNGL and its shareholders by properly positioning and valuing the company for future success,” said LNGL chairman Paul J. Cavicchi.

Timing of the proposed re-domicile transaction, including shareholder vote, will depend upon the length of regulatory processes in the US and Australia and on availability of court dates in Australia, the company said.

“LNGL is committed to transparency and regular communication during the re-domicile process. This will ensure that all shareholders, retail and institutional, Australian, US and elsewhere, are able to make fully informed decisions,” said LNGL CEO Greg Vesey. “At this stage we anticipate that a re-domicile transaction could be completed in late 2019 or early 2020.”

LNGL is developing the 8.8mn mt/yr Magnolia LNG project in Lake Charles, Louisiana. In October 2018, LNGL said it expected to take a final investment decision on Magnolia “in the first part of 2019.” But during a May 22 conference call with investors, Vesey suggested that the current global LNG glut, the simmering trade dispute between the US and China and low spot prices for LNG have combined to make meeting that time frame unlikely.

Last month, the company had agreed an updated lump-sum turnkey engineering, procurement and construction (EPC) contract with the KBR-SKE&C joint venture (KSJV) that will direct construction of the Magnolia LNG project.

Founded in 2002 and headquartered in Sydney, Australia, LNGL has its principal offices in Houston.