Tellurian pays off debt, starts drilling again

US LNG export project developer Tellurian has paid off all its debt while it also resumed drilling operations, according to the firm’s co-founder and executive chairman Charif Souki.

“Last Friday, Tellurian has paid off all debts and is currently debt free. We now have ample liquidity to look at opportunities in the market,” Souki said in a video posted on YouTube.

To remind, Texas-based Tellurian said last month the firm had repaid its 2019 term loan in full after making a voluntary prepayment of about $38 million using cash on hand.

The firm said then it had reduced its outstanding debt balance to about $21 million.

In addtion, Souki also said in the video that Tellurian on Sunday spudded its first well in two and half years in the Haynesville Shale to utilize the company’s drilling program at the current natural gas prices.

“We are hoping to improve our cash flow and the upside that the global natural gas industry is providing to us,” he said.

“We will continue to capitalize on basic fundamentals and focus on commercial deals that will realize this value for us,” Souki said.

Tellurian is on the hunt to secure deals for its 27.6 mtpa Driftwood development as it looks to take a final investment decision on the project.

France’s Total is currently the only company that made a firm commitment to support the project with a $500 million investment.

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