LNG shares have now more than doubled from $0.295 since the 11th February 2014, when Proactive Investors put a Speculative Buy on the company with a 18 month price target of $2.25.
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Earlier in the week the company provided an update that it remains on track to submit by 30 April 2014 its Magnolia LNG project application to the U.S. Federal Energy Regulatory Commission (FERC) for the granting of full filing status.
The company has submitted the March 2014 Monthly Progress Report as required under FERC regulations.
LNG has recently delivered some key milestones in the appointment of John G. Baguley as chief operating officer and R. Cape as chief commercial officer for MLNG; and the execution of a Technical Services Agreement with SK Engineering and Construction Group.
The company had last month received authorisation from the U.S. Department of Energy authorisation to export an additional 4Mtpa of LNG, bringing the total up to the full 8Mtpa nameplate liquefied natural gas production capacity for its Magnolia LNG project.
MLNG is planned as a 8Mtpa liquefied natural gas export project comprising of four liquefaction trains, each capable of producing up to 2Mtpa of LNG (1.7Mtpa firm), that is fast-tracked for a robust Final Investment Decision in mid-2015.
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