LNGL's Founder Steps Down

The Board of Directors of Liquefied Natural Gas Limited (LNGLF) (ASX: LNG, OTC ADR: LNGLY) (LNGL or the Company) today announced that Mr Maurice Brand will step down as an Executive Director with the Company effective 1 August 2016.  

Mr Brand is the founder and former Managing Director and Chief Executive Officer of Liquefied Natural Gas Limited, which listed on the ASX in September 2004. Through his direction and leadership, LNGL introduced to the LNG industry an innovative strategy to safely develop mid‐scale LNG export terminals to link proven gas reserves with existing LNG buyers.
 
Development of the patented Optimised Single Mixed Refrigerant (OSMR) LNG liquefaction technology and execution strategy is at the forefront of the current evolving global LNG liquefaction project development approach. The OSMR LNG liquefaction technology helps the Company's LNG terminal development projects to be world competitive in terms of capital and operating costs, operating efficiencies, and environmental impact.

The Chairman of LNGL’s Board of Directors, Mr Richard Beresford said, “Maurice is an icon of the LNG industry.  He recognized the cost challengesfacing the industry and the virtues of the
mid‐scale, modular design configuration well ahead of any of his contemporaries.  He focused on lowering capital cost, improving reliability, realizing greater fuel efficiency, and the importance of minimizing environmental impacts in developing LNGL’s strategic advantages, attributes that continue to benefit the Company today. On behalf of the Board, we are grateful to Maurice for his vision and contribution as founder and Managing Director in developing the Company to its current position. We wish him all the best in his future endeavours.”

LNGL’s Managing Director and Chief Executive Officer Mr Greg Vesey stated, “LNGL’s personnel and shareholders owe Maurice a debt of gratitude. LNGL’s business model of mid‐scale LNG liquefaction projects using its wholly owned OSMR liquefaction technology and modular design provides a foundation for long‐term success. Our portfolio of projects in Magnolia LNG, Bear Head LNG, and Fisherman’s Landing LNG position the Company to be
successful globally.  I wish Maurice and his wife Kaye all the best for the future.” 

Mr Brand will receive payment consistent with his employment agreement and statutory requirements plus an ex‐gratia amount of A$200,000.  Mr Brand continues to hold 973,790 Performance Rights pursuant to the terms of the Company's Incentive Rights Plan.