Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that its wholly owned subsidiary Driftwood LNG LLC has exercised its long-term lease option with the Lake Charles Harbor and Terminal District on the 477 acre site in Sulphur, Louisiana. The ground lease agreement has an initial term of 20 years with extension options of up to 50 years.
Executive Vice President and Chief Operating Officer Keith Teague said, "Tellurian is taking necessary steps to prepare for Driftwood LNG construction by entering into this long-term lease and executing certain projects such as road improvements and utility relocation. We have an active and productive relationship with Port of Lake Charles officials and they have been helpful partners from the early development and site selection of our liquefied natural gas export terminal. Tellurian appreciates and thanks the Lake Charles Harbor and Terminal District Board of Commissioners for their hard work and the ongoing role they will play in the success of Driftwood LNG."
Carl J. Krielow, President of the Board of Commissioners of the Lake Charles Harbor and Terminal District commented, "Driftwood LNG will bring over 6,500 construction jobs, about 400 operational jobs and millions of dollars in tax revenue and spending to Southwest Louisiana. As a Board, we will continue to support key developments in our dynamic deepwater seaport that enhance our community and citizens."
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol "TELL." For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
About the Port of Lake Charles/ Lake Charles Harbor and Terminal District
The Port of Lake Charles is one of America's top dozen ports, as measured by U.S. Commerce Department tonnage statistics. It imports and exports more than 4.3 million tons of cargo annually and trades with more than 70 nations worldwide.
The Port also leases property for gaming, LNG, industrial and other business purposes -and, with the Calcasieu Ship Channel, forms "America's Energy Corridor," an anchor of the Southwest Louisiana economy.
The Port's new leadership team is headed by Richert L. Self, executive director.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "assume," "believe," "budget," "continue," "estimate," "expect," "forecast," "initial," "intend," "may," "plan," "potential," "project," "proposed," "should," "will," "would," and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, construction and pre-construction activities at Driftwood. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020, and other Tellurian filings with the Securities and Exchange Commission, all of which are incorporated by reference herein. Full construction of Driftwood LNG is subject to, among other things, a final investment decision with respect to Driftwood LNG; and reaching a final investment decision will require Tellurian to obtain significant amounts of additional capital. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
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EVP Public and Government Affairs
Vice President, Investor Relations