LGC Capital Ltd.
Symbol: TSX-V: QBA
LONDON, United Kingdom, HAVANA, Cuba and MONTREAL, QC, Aug. 4, 2016 /CNW Telbec/ - LGC Capital Ltd. (TSXV: QBA) is pleased to announce that MEO Australia Limited ("MEO Australia"), a company listed on the Australian Securities Exchange (ASX: MEO) and which is one of LGC's portfolio companies, issued a press release today providing a significant update on MEO Australia's 100% owned strategic Tassie Shoal Projects (proposed for offshore Northern Australia) with its LNG Project receiving updated environmental approvals that extend the approvals period for the LNG Project to 2052, and increase the flexibility to process gas of varying qualities into LNG.
MEO Australia has also stated that, under full development, the LNG Project has a design capacity of 3 Mtpa and the two Methanol plants would use 440 Mscf/d, or 4 trillion cubic feet (TCF) of raw gas over 25 years.
LGC Capital holds 15.8% of MEO Australia and is its largest shareholder.
MEO Australia's press release is available on its web site at www.meoaustralia.com.au, under "Investor Relations/ASX Releases".
David Lenigas, LGC Capital Ltd's Co-Chairman & CEO, commented; "This is excellent news for MEO Australia's massive Tassie Shoal Projects, comprising potentially one LNG plant and two methanol plants, and this latest environmental approval for the LNG side brings the LNG and methanol aspects in line with both having approvals until 2052. These projects are strategically located on a shallow water shoal within the North West Australian hydrocarbon precinct, approximately 275 km from Darwin. This latest approval should add significant long term value to the Tassie Shoals Projects."
The full MEO Australia Media Release is as follows:
ASX & Media Release
Tassie Shoal Projects – Updated Environmental Approvals
- LNG Project environmental approval extended until 2052, now aligned with Methanol Project.
- LNG Project limit of 3% CO2 feed gas is removed, able to receive gas of varying qualities.
- Methanol and LNG projects provide low cost development options consistent with recent industry trend of modularised construction to reduce costs.
MELBOURNE, AUSTRALIA (4 August 2016)
MEO Australia Limited (ASX: MEO) is pleased to advise that its strategic Tassie Shoal Projects proposed for offshore Northern Australia have received updated environmental approvals that extend the approvals period for the LNG Project to 2052, and increase the flexibility to process gas of varying qualities into LNG.
The potential Tassie Shoal Projects, comprising one LNG plant (TSLNG) and two methanol plants (TSMP1 & TSMP2), are strategically located on a shallow water shoal within the North West Australian hydrocarbon precinct, approximately 275 km from Darwin, and surrounded by significant discovered but undeveloped high CO2 gas fields, currently held under retention leases.
TSLNG has a design capacity of 3 Mtpa and provides significant cost savings relative to other LNG development options. The updated environmental approvals clarify the potential for TSLNG to accept all gas qualities and compete on an even footing with other development options.
Under full development the two Methanol plants would use 440 Mscf/d, or 4 trillion cubic feet (TCF) of raw gas over 25 years. The plants can accept raw gas with a CO2 content of up to 30%. Methanol is a globally traded product with growing global demand in downstream chemical industries and also as a gasoline additive. MEO had previously reported that in conjunction with potential equity partners, it had offered to purchase raw unprocessed gas (including CO2) for US$3.15 MMBTU (January 2015 basis, delivered to TSMP plant gate), an offer which was rejected by producers at the time.
MEO Managing Director & CEO Peter Stickland commented:
"These updated environmental approvals for the LNG Project now align both the requirements for feedstock gas and the approval period to 2052. The Tassie Shoal Projects represent a high potential, low cost and long-term opportunity for MEO shareholders.
The industry is starting to recognise the need to take steps to collaborate to secure lowest cost and efficient resource development in Australia. The unique concept of the Tassie Shoal Projects represents an opportunity for industry to collaborate with MEO to commercialise the significant, undeveloped discovered resources in the region for the benefit of all stakeholders."
About LGC Capital
LGC Capital is one of the few public listed companies globally whose prime purpose is investing directly in the fast-growth Cuban economy, through its wholly-owned subsidiary Leni Gas Cuba Ltd.
Leni Gas Cuba has significant shareholdings and joint ventures in well-established international businesses operating in the Cuban Oil and Gas exploration, Travel, Events, TV and Film Production support, Human Resources, Agricultural and Import & Export sectors.
Caution Regarding Press Releases
LGC Capital Ltd. has not made any independent inquiries as to the accuracy or completeness of the press release issued by MEO Australia and LGC Capital Ltd. assumes no responsibility for the contents thereof.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LGC Capital Ltd
For further information: LGC Capital Ltd, www.lgc-capital.com; Canada Office contact: Rafi Hazan, Secretary and Director, Tel: (514) 839-7234; London Office contact: David Lenigas, Co-Chairman and Chief Executive Officer, Anthony Samaha, Chief Financial Officer, Tel: +44 (0) 20 7440 0640