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LNG receives $4-million (U.S.) investment from EERL

2013-01-24 18:42 ET - News Release

 

Mr. David Nelson reports

LNG ENERGY ENTERS INTO INVESTMENT AGREEMENT IN PNG AND INITIATES SEISMIC PROGRAM

LNG Energy Ltd.'s subsidiary, Telemu No. 18 Ltd., has entered into an investment agreement with EERL Holdings (BVI) Ltd. under which EERL contributed $4-million (U.S.) toward a 22-kilometre 2-D seismic program and some past cost reimbursement on Telemu's PPL 319 in Papua New Guinea for a 31.5-per-cent equity interest in Telemu. In connection with the investment, LNG, EERL and Telemu also entered into a shareholder agreement to govern the operations of Telemu.