Glenfarne Group, LLC acquired Magnolia LNG, LLC from Liquefied Natural Gas Limited (ASX:LNG) for $3.3 million on May 26, 2020. In addition to the cash purchase price of $2 million, Liquefied Natural Gas will receive an unsecured, non-interest bearing promissory note issued by buyer. The quantum of the note is subject to adjustment for certain liabilities that buyer has assumed, but is expected to be approximately AUD 2 million ($1.3). The Note is payable if the Magnolia LNG Project reaches financial close and a notice to proceed has been issued for the initiation of construction. The sale includes interest in subsidiary entities that own the proposed liquefied natural gas terminal development in Lake Charles, Louisiana, USA (Magnolia LNG Project), including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC. Hogan Lovells US LLP acted as legal advisor to Glenfarne Group, LLC. Glenfarne Group, LLC completed the acquisition of Magnolia LNG, LLC from Liquefied Natural Gas Limited (ASX:LNG) on May 26, 2020.