Liquefied Natural Gas Limited (LNGL or the Company) achieved...

Liquefied Natural Gas Limited (LNGL or the Company) achieved several milestones in the second quarter of the fiscal year including:

1) We managed to get rid of our Board of Directors Chairman and another Director (who just happened to be the longest serving ex FERC commissioner).

2) Well actually the above was thanks to a share holders vote because it must have been these guys that just weren’t performing. Luckily now GV is Executive Chairman (extra remunerations for that!)

3) We extended the date of signing an apparently “not price sensitive” Term Sheet / MOU / SPA until 01/07/20 and agreed to use reasonable efforts to reach an agreement.

4) We managed to extend our LSTK EPC contract once again

5) We managed to put off the re-domiciling (once again) because we don’t have enough cash left

6) We made no progress on Bear Head, but we did manage to get an extension on our project deadlines

7) So we’ve certainly made progress on extending our deadlines!!

8) In keeping with LNG’s promise to shareholders, liquidity has been managed closely and they can tell us now that (unlike the HC ‘Cupboard’ LNG’s cupboard is bare!!

9) Management recognises the need for immediate new sources of liquidity and are currently evaluating options including the new options of “taking on secured or unsecured debt” and “sale of some or all of the company’s business”

10) We closed December 2019 with the Company’s total cash position at $8.3 million, however a portion of that cash is restricted so liquidity is less than that, and using managements projections we have less than $6 Mil at this point in time. As an extra piece of information; The September Quarter projected cash outflow of $6.030 Mil for the December Quarter, and this report projects exactly the same cash outflow for the next quarter. The trouble is that December Quarter’s cash outflow came in $900K above projections....so management’s cash projections are a little like their BTA projections and more appropriately could be referred to as conjecture, not projections!!

11) Achieved several milestones?! Hardly, but not one bit surprised!!