This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Cambridge Energy Group Limited - Market Announcement
Hamilton, Bermuda – 30 November, 2012 – Cambridge Energy Group Limited (“CEGL”; Ticker: CEGL.BH) issued comments on the approval granted by the United States Department of Energy to export LNG from the United States to countries that the United States has or will have a Free Trade Agreement with.
The U.S. Department of Energy (DOE) has granted the application of CE FLNG, LLC (CE FLNG), a subsidiary of Cambridge Energy Group Limited (CEGL), for long-term, multi-contract authorizations to export up to 8 million metric tons per year (approximately 389.6 Bcf) of domestically produced LNG over a thirty-year period from a floating terminal it intends to construct, own, and operate in nearshore Plaquemines Parish, La. DOE's order grants CE FLNG authorization to export LNG to nations that have a Free Trade Agreement (FTA) with the United States. CE FLNG's application to export LNG to non-FTA nations remains pending at DOE.
“CEGL officially joined the fast expanding list of contenders to export US abundant natural gas via LNG like Cheniere, Exxon/Qatar, and others from the USA,” said Sherman Bryant CEO. “This announcement is not unexpected as Cambridge, like Exxon/Qatar and other major players, has stated on several occasions that it was in the process of studying LNG export alternatives for US natural gas production. This milestone clearly demonstrates our ability to execute our strategy.”
Cambridge’s project, like the majority of similar proposals submitted for approval, is unlikely to see its in-service date for at least another four to five years. CEGL's LNG export initiative can also be interpreted as the reflection of the company's view that natural gas prices in the US will remain low for a long time. Mr. Bryant added, “The LNG Export Project is a strong positive for Cambridge from a value perspective, although long-term market risks exist.”
The CE FLNG project falls within Cambridge core operating competencies and capabilities. Cambridge’s next step is finalizing relationships with key strategic partners that have an arsenal of outstanding project management capabilities, including the balance sheet and credit strength to drive the project's cost of capital to the lowest feasible level, as well as ability to facilitate Cambridge’s role as the project's anchor shipper.
Contact BSX Listing Sponsor:
Mr. Alex Conyers
Capital G BSX Services Ltd. (441) 279-5227