Tellurian terminates Total agreement on Louisiana Driftwood LNG plant
LNG developer Tellurian Inc terminated a stock purchase agreement with a unit of French energy major TotalEnergies SE related to Tellurian's proposed Driftwood LNG export plant in Louisiana.
In a federal filing, Tellurian said it terminated a stock purchase agreement dated April 3, 2019 pursuant to which "Total had agreed to purchase, and Tellurian had agreed to issue and sell" 19,872,814 shares of Tellurian stock in exchange for a cash purchase price of $10.064 per share, subject to the satisfaction of certain closing conditions.
Tellurian shares, which were trading around $4.45 per share, were up about 1% in early trade on Monday.
TotalEnergies, which sold 4.56 million shares of Tellurian stock as of May 11, was still the third biggest owner of Tellurian with a 4.95% interest or 20.29 million shares.
Officials at Tellurian and TotalEnergies were not immediately available for comment.
(Reporting By Scott DiSavino Editing by Marguerita Choy)
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