MAGNOLIA LNG SIGNS DREDGING SERVITUDE AGREEMENT
Liquefied Natural Gas Limited (ASX: LNG, OTC ADR: LNGLY) (LNGL or the Company) is pleased to announce that its wholly owned subsidiary, Magnolia LNG LLC (Magnolia), has executed a Servitude Agreement with Turners Bay, LLC, a Louisiana limited liability company, for the right to deposit dredge spoils on certain tracts of land located in Calcasieu Parish, Louisiana (Servitude Property) as per the Project’s Beneficial Use of Dredged Material (BUDM) Plan and the U.S. Army Corps of Engineers (USACE) Section 404/10 Permit.
The Turners Bay Servitude Property was originally secured under an option agreement in 2015 under the premise that dredged material generated by the Magnolia Project would be used to safeguard the remaining marsh and semi-enclose, and therefore protect Turners Bay by restoring marsh and the estuarine habitat.
“Partnering with a local Lake Charles company such as Turners Bay to create wetlands is an example of the actions LNGL will take to be a responsible and positive corporate citizen and invest in the local communities where we operate. LNGL will continue to do business with local partners and support our communities on both our Magnolia LNG and Bear Head LNG projects,” said Greg Vesey, LNGL Managing Director and Chief Executive Officer.