Tellurian Reports Third Quarter 2018 Results
November 07 2018 - 7:58AM
Business Wire
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to build its
global natural gas business during the third quarter of 2018.
Notable Tellurian achievements:
- Received its draft environmental impact
statement (EIS) on September 14, 2018, from the United States
Federal Energy Regulatory Commission (FERC) for the Driftwood LNG
terminal facility and the associated Driftwood pipeline (the
Driftwood Project).
- Secured financing for certain drilling
and development activities in the form of a three-year senior
secured term loan (the Term Loan).
- Advanced the sale of LNG and Driftwood
Holdings’ partnership interests, with approximately 35
customer/partners conducting due diligence.
President and CEO Meg Gentle said, “Completing the draft EIS is
a significant milestone in the LNG terminal regulatory process and
reflects FERC’s commitment to deliver the final EIS in January.
Tellurian has improved the efficiency of the Driftwood financing,
reducing partners’ equity obligation to $500/tonne. We expect to
announce partners by the end of 2018, begin construction in the
first half of 2019, and produce LNG by 2023.”
Estimated Driftwood project timeline Catalyst
Estimated timeline Final
Environmental Impact Statement 18
January 2019 Driftwood final investment decision
1H 2019 Begin construction
1H 2019 Begin operations 2023
Financial results
Tellurian ended its third quarter of 2018 with approximately
$172.3 million of cash and cash equivalents and approximately $57.4
million of restricted cash, of which approximately $57.2 million is
net proceeds received under the $60 million Term Loan. We have a
strong balance sheet consisting of approximately $420.9 million in
assets, of which approximately $87.5 million represents our proved
properties.
Tellurian reported a net loss of approximately $33.2 million, or
$0.15 per share (basic and diluted), for the three months ended
September 30, 2018.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is
led by President and CEO Meg Gentle. Tellurian intends to create
value for shareholders by building a low-cost, global natural gas
business, profitably delivering natural gas to customers worldwide.
Tellurian is developing a portfolio of natural gas production, LNG
trading, and infrastructure that includes an ~ 27.6 mtpa LNG
export facility and an associated pipeline. Tellurian is based in
Houston, Texas, and its common stock is listed on the Nasdaq
Capital Market under the symbol “TELL”.
For more information, please visit www.tellurianinc.com.
Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,”
“forecast,” “initial,” “intend,” “may,” “plan,” “potential,”
“project,” “proposed”, “should,” “will,” “would,” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements herein relate to, among other things,
the capacity, timing, and other aspects of the Driftwood Project
and offering and potential related financing transactions. These
statements involve a number of known and unknown risks, which may
cause actual results to differ materially from expectations
expressed or implied in the forward-looking statements. These risks
include the matters discussed in Item 1A of Part I of the Annual
Report on Form 10-K for the fiscal year ended December 31, 2017
filed by Tellurian with the Securities and Exchange Commission (the
“SEC”) on March 15, 2018, Item 1A of Part II of the Quarterly
Report on Form 10-Q of Tellurian for the quarterly period ended
September 30, 2018, and other filings with the SEC, all of which
are incorporated by reference herein. There can be no assurance
that the Driftwood financing and related transactions will be
completed on the terms, and within the time frame, discussed herein
or at all. The forward-looking statements in this press release
speak as of the date of this release. Although Tellurian may from
time to time voluntarily update its prior forward-looking
statements, it disclaims any commitment to do so except as required
by securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20181107005489/en/
Tellurian Inc.Media:Joi Lecznar,
+1.832.962.4044SVP Public Affairs and
Communicationjoi.lecznar@tellurianinc.comorInvestors:Amit
Marwaha, +1.832.485.2004Director, Investor
Relationsamit.marwaha@tellurianinc.com
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