Transborders Energy announces Joint Study Agreement with Add Energy
03 May 2018
Transborders Energy Pty Ltd is pleased to announce it has signed a Joint Study Agreement with Add Energy to work together in conjunction with a major Asian LNG buyer on the development of the Company’s Generic Floating LNG (FLNG) Solution.
The Joint Study will allow Transborders to enhance the technical and commercial robustness of its ground breaking low-cost Generic FLNG Solution for monetising stranded gas resources.
Specifically, the agreement provides for the parties to work together to enhance the technical and commercial definition of the Generic FLNG Solution and consists of:
- Completing technical Pre-Front End Engineering and Design (Pre-FEED) for the development well scope of the Generic FLNG Solution
- Completing negotiation of key terms of major agreements for underpinning the reserve booking as well as facilitating project sanction (FID).
The involvement of Add Energy in developing Transborders’ Generic FLNG Solution provides significant credibility and predictability of cost and schedule for the Company’s Generic FLNG Solution. It is anticipated that the Joint Study will be completed by early 2019 and provide a sufficiently mature product to be deployed on stranded gas resource opportunities.
Transborders Managing Director, Mr Daein Cha, stated:
“We are very pleased to sign this Joint Study Agreement as another key milestone for the business. The ongoing support from Add Energy is fundamental to the development of our Generic FLNG Solution”.
Add Energy Vice President, Eduardo Robaina, stated:
“We are excited to enter into this agreement, as we see great potential in the low-cost concept and its ability to unlock uneconomic smaller natural gas resources. Many challenges remain in our industry. Therefore, we must bring innovating thinking for capturing market upside.”