Tellurian Investments Inc., a private company founded by Charif Souki and Martin Houston, said Nov. 28 it received $25 million in preferred equity from GE Oil & Gas, with an implied Tellurian common stock value of $5.94 per share.
The investment is another step forward in the development of Driftwood LNG, according to Meg Gentle, Tellurian’s president and CEO. Tellurian is working with GE to design the lowest-cost liquefaction for the global market, she said.
Driftwood LNG is in the engineering design and pre-filing phase of the project. The Federal Energy Regulatory Commission approved Driftwood LNG’s pre-filing request on June 6, and Tellurian expects construction on Driftwood LNG to begin in 2018 and the project to become operational in 2022.
Tellurian entered into a merger agreement with Magellan Petroleum Corp. (NASDAQ: MPET) on August 2.
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