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Liquefied Natural Gas shares soar after Magnolia update

Liquefied Natural Gas (ASX:LNG, OTC ADR:LNGLY) shares have jumped 13% to $0.695 in the first hour of trade this morning, on heavy volume of 3.5 million, following an update from the Magnolia LNG Project.

Liquefied Natural Gas shares soar after Magnolia update

LNG said that the U.S. Department of Energy (DOE) has announced its decision granting the company's Magnolia project authorization to export liquefied natural gas from the proposed facility in Lake Charles, Louisiana, to countries with which the United States has not entered into a free trade agreement (non-FTA approval).

Greg Vesey, managing director and CEO for LNG, commented:

"Our Magnolia project team is very pleased to have successfully received this final piece of the regulatory framework enabling our Magnolia LNG project to export US-produced natural gas to the global energy market.

"We recognize and appreciate the hard work and timely efforts put in by the DOE and other cooperating agencies in reaching this decision.

"Going forward, we are well underway in progressing on the final offtake milestones to enable us to move this leading energy efficient, innovative and low cost project into the construction and operations phases."

Quick facts: Liquefied Natural Gas Ltd

Price: 0.043 AUD

Market: ASX
Market Cap: $24.8 m

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