Flex LNG Ltd : FLEX LNG Announces LNG Offtake Progress for FLNG Project in PNG

FLEX LNG Announces LNG Offtake Progress for FLNG Project in PNG

August 03, 2011

FLEX LNG LTD (FLEX LNG) Announces that InterOil Corporation (InterOil) and Pacific LNG Operations Ltd (Pacific LNG) Have Signed a Heads of Agreement (HOA) with Noble Clean Fuels Limited (Noble) for the Supply of LNG From the Gulf LNG Project in Papua New Guinea (PNG).

FLEX LNG (Oslo Axess: FLNG) is pleased to announce that InterOil has announced that an HOA has been executed for the supply of one million tonnes per annum (mtpa) of LNG from the Gulf LNG Project in PNG

The HOA sets out the basis upon which the parties intend to conclude terms for the purchase and sale of one mtpa of LNG, (FOB) for a period of 10 years commencing in 2014, to be supplied by the proposed Gulf LNG Project in PNG. InterOil and Pacific LNG intend to complete negotiations and execute binding agreements with Noble later this year.