Aethon Energy to buy Tellurian upstream assets for $260 million (updated)
29/05/2024 12:18
(Adds share movement in paragraph 2, background and details
from paragraphs 3 to 5)
May 29 (Reuters) - Aethon Energy will acquire
Tellurian's TELL.A upstream assets for $260 million and
purchase two million tons per annum (mtpa) of liquefied natural
gas (LNG) from its Driftwood LNG plant, the companies said on
Wednesday.
Shares of Tellurian were up 6.1% in premarket trading.
Reuters reported earlier this month that U.S. LNG developer
Tellurian had sent home more than a dozen workers from its
upstream gas production business amid sale talks.
Tellurian said on Wednesday it would use the proceeds from
the transaction to reduce borrowings and for general corporate
purposes.
The transaction is expected to close during the second
quarter.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi
Majumdar)
((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))