Excellent presentation by MB with LNG highlighting what an...

Excellent presentation by MB with LNG highlighting what an outstanding job it is doing to derisk Magnolia and meet its planned milestones.

Key take outs for me:

EV
* Board very aware of sp appreciation/ ASX200 elevation ... doing everything to maintain and increase shareholder value
* THIRD (NA my assumption) project with latest approach earlier today for a 4mtpa project).
* EBITDA uplift in multiple valuation
* Site visits to Magnolia & BH mid Oct (will likely see analyst valuation upgrades)

MAGNOLIA
* On track for 3 key milestones in period ahead, i.e. FERC DEIS (see below***) triggering EPC wrap & BTAs
* VERY experienced US management (& equally impressive SKEC expertise to also be used for BH), imminent Houston based NED appointment
* BTAs - 6th draft
* multiple approaches for final 1mpta (providing comfort against any non fulfilment by those negotiating
BTAs (previously my greatest concern)

BH
* 7 potential gas sources for BH
* Wright Hub-Dracut Hub bottleneck due to lack of demand (LNG confident can address)
* Pipeline capacity & reverse flow from Dracut Hub to Goldboro

***And if to illustrate the point further, FERC yesterday requested Magnolia provide responses to further environmental queries within 20 days (i.e. by 12 October) following Monday’s USCG & DOT approvals. Not long to go now …

Lastly, LNGLY ADRs trading post 1:10 split and now U$15.60 (+$0.48) or $4.41 so instos can actually buy cheaper here.

Go LNG!