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Originally posted by Homerun78:
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Look at Venture Global LNG. They did it all in 3years as in close enough customers to reach financial close. They came after Magnolia LNG. As for other 2nd wave guys even if they have not secured binding customers till now at least their management is competent enough in maintaining a credible market capitalisation position by entering into various commercial synergies that kept their respective projects commercially viable. None of them have fallen to the level where LNGL fell because these companies had management and board that were and is still working night and day for their projects to remain attractive and viable. Here all we heard from the management and the board is Magnolia is about to run out of money and generic statements like management remains confident on the prospects of securing customers for Magnolia. These were merely words with very little action or effort let alone end results to show for it. It was all about stepping up the game unfortunately this wasnt the case here.
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Venture Global practically gave their gas away and their finances are not public since they're not a public company so it's not a valid comparison. More than likely they're owned by the major industry players who have contracted the gas.
