Tellurian Inc. (Tellurian) (NYSE American: TELL) completed sales from Driftwood LNG’s capacity for the first two plants with the signing of three million tonnes per annum (mtpa) in sale and purchase agreements (SPAs) with Shell and raised approximately $116 million in a public stock offering in the third quarter of 2021. Subsequent to the quarter end, Tellurian transferred its common stock listing from the Nasdaq Capital Market to the NYSE American.
Tellurian ended its third quarter of 2021 with approximately $210.8 million of cash and cash equivalents and no borrowing obligations. Natural gas sales for the third quarter generated approximately $15.6 million in revenues compared to $7.3 million during the same period of 2020.
Tellurian has a strong balance sheet consisting of approximately $483.9 million in total assets. Tellurian reported a net loss of approximately $18.7 million, or $0.04 per share (basic and diluted), for the three months ended September 30, 2021.
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 million cubic feet equivalent per day (mmcfed). In addition, we have authorized a new drilling program and plan to drill 12 – 14 wells to produce approximately 220 mmcfed 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.”