US Tellurian Extends Loan
US Tellurian has extended a term loan by 18 months, it said March 23, meaning it is now due to mature November 23 2021. The company's CEO Meg Gentle said that this was part of the plan announced early March to adapt to the "challenging global conditions. "
She also said that the organisation had been restructured and it is working remotely with potential equity partners for the Driftwood project. She said that the company would "regain commercial momentum when the effects of Covid-19 subside.”
The developer is basing its project on feed gas from the Permian, which has been paid negative prices at the Waha hub as there is not enough pipeline capacity to bring the gas to commercial markets. However the gas price is now rising as oil producers ease back in the low-price oil environment.