HOUSTON--(BUSINESS WIRE)--Tellurian Investments Inc. announced today that GE Oil & Gas has made a $25 million preferred equity investment in Tellurian which has an implied Tellurian Investment Inc. Common Stock value of $5.94 per share.
Tellurian President and CEO Meg Gentle said, “This investment represents another step forward in the development of Driftwood LNG, where we are working together with GE to design the lowest cost liquefaction for the global market. GE Oil & Gas has provided technology for LNG facilities worldwide for over 25 years and is a pioneer in innovation and a leader in reliability. We look forward to a long and beneficial partnership with the GE team.”
Driftwood LNG is in the engineering design and pre-filing phase of the project. The Federal Energy Regulatory Commission (FERC) approved Driftwood LNG’s pre-filing request on June 6, 2016. Tellurian expects construction on Driftwood LNG to begin in 2018 and the project to become operational in 2022.
Tellurian entered into a merger agreement with Magellan Petroleum Corporation (NASDAQ: MPET) on August 2, 2016, and expects the agreement to close in the fourth quarter this year.
About Tellurian
Tellurian Investments Inc. is a private company founded by Charif Souki and Martin Houston. They are underpinned by a group of experienced industry experts developing low-cost liquefied natural gas (LNG) projects along the United States Gulf Coast. The team delivers results using a repeatable and simple design, off-the-shelf equipment and multiple production units to enhance reliability. The team has delivered cost-leading LNG projects over more than 50 years. They focus that collective knowledge and expertise on establishing a new global standard and delivering the lowest cost LNG to customers. Tellurian entered into a merger agreement with Magellan Petroleum Corporation (NASDAQ: MPET) on August 2, 2016, and expects the agreement to close in the fourth quarter 2016.
For more information, please see the company’s website at www.tellurianinvestments.com.
