Tellurian, the developer of the Driftwood LNG project, has reached an agreement with an unnamed institutional investor to pledge its interest in the Driftwood project as collateral for the money it owes the investor, according to the company's latest SEC filing.
Tellurian had warned investors last fall that continued operating losses and dwindling cash reserves might not last a year given operating and debt costs. The going-concern warning preceded its ouster of Chairman Charif Souki.
The investor and Tellurian have agreed that the LNG developer can reduce its minimum liquidity requirement from $40.0 million to $25.0 million from February to April 2024.
Recommended Reading
Gunvor Group Inks Purchase Agreement with Texas LNG Brownsville
2024-03-19 - The agreement with Texas LNG Brownsville calls for a 20-year free on-board sale and purchase agreement of 0.5 million tonnes per annum of LNG for a Gunvor Group subsidiary.
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
The OGInterview: TG Natural Resources Rides LNG Wave
2024-03-01 - TG Natural Resources rides the LNG wave with its Rockcliff deal amid a shale consolidation boom.
Asia Spot LNG at 3-month Peak on Steady Demand, Supply Disruption
2024-04-12 - Heating demand in Europe and production disruption at the Freeport LNG terminal in the U.S. pushed up prices, said Samuel Good, head of LNG pricing at commodity pricing agency Argus.
Permian Gas Finds Another Way to Asia
2024-04-30 - A crop of Mexican LNG facilities in development will connect U.S. producers to high-demand markets while avoiding the Panama Canal.