Shares in Liquefied Natural Gas Limited soared after the energy producer secured a $1.5 billion commitment from partner Stonepeak for its Magnolia LNG project in the US.
At the close, the shares were up 26.79% to $0.71.
“Stonepeak is a long term and valued partner in our project, and we are pleased to continue this relationship,” says CEO Greg Vesey.
“This announcement signals a strong message to the LNG industry about our shared confidence in the virtues and advantages of the Magnolia LNG project.”
Stonepeak co-founder and senior managing director Trent Vichie says his company is bullish on the long-term outlook for US-sourced LNG.
“We are thrilled to announce our continued support for Magnolia, which we believe to be among the best positioned projects for the next wave of US LNG exports, and to support LNGL management in the final steps to a successful financial close,” he says.