US export facility developer and gas producer, Tellurian reported a net loss of around $18.7 mill, or $0.04 per share (basic and diluted), for the three months ended 30th September, 2021.
Tellurian ended 3Q21 with about $210.8 mill of cash and cash equivalents and no borrowing obligations.
Natural gas sales for 3Q21 generated around $15.6 mill in revenues, compared to $7.3 mill during the same period of 2020.
The company claimed to have a strong balance sheet consisting of about $483.9 mill in total assets.
During 3Q21, Tellurian completed sales from Driftwood LNG’s capacity for the first two plants with the signing of 3 mill tonnes per annum in sale and purchase agreements (SPAs) with Shell and raised about $116 mill in a public stock offering.
Following the end of quarter end, Tellurian transferred its common stock listing from the Nasdaq Capital Market to the NYSE American.
President and CEO, Octávio Simões, said,“Tellurian recently brought production online from two newly completed natural gas wells, adding to our financial strength and integrated model that provides a valuable hedge to volatile global prices.
“By year end 2021, we plan to produce approximately 70 mill cu ft equivalent per day. In addition, we have authorised a new drilling programme and plan to drill 12 – 14 wells to produce about 220 mill cu ft by year end 2022.
“We have turned our focus to financing Driftwood LNG and plan to give Bechtel notice to proceed with construction in early 2022,” he said.
