The Board of Golar LNG Limited is pleased to announce that the company has signed an Equity Subscription Agreement with Liquefied Natural Gas Limited ("LNGL") to subscribe for 23 million shares at A$0.50 cents. Of the 23,000,000 shares, 13,950,000 are unconditional and 9,050,000 subject to Liquefied Natural Gas Limited shareholder approval. It is expected that Golar LNG will ultimately hold 19.83% of the issued capital and will become LNGL's largest shareholder. Golar have appointed their CEO Mr Gary Smith to LNGL's Board of Directors.
Liquefied Natural Gas Limited is an Australian publicly listed company (ASX Code LNG) that brings a new concept to the international energy market. It has been formed to act as an energy link between previously discovered but non-commercial gas reserves and potential new energy markets identified by LNGL.
Liquefied Natural Gas Limited Managing Director, Mr. Maurice Brand, said that LNGL was delighted to welcome Golar LNG as a major shareholder and Gary as a Director.
The Board of Golar LNG believes that the innovative strategies being pursued by Liquefied Natural Gas Limited will facilitate the joint development of a number of new LNG project opportunities enhancing Golar's ambitions to expand further into the LNG logistical chain.
April 10, 2006 Golar LNG Limited Hamilton, Bermuda
For further information please contact:
Mr Gary Smith Chief Executive Officer Telephone: +44 (0) 207 5178603