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Gold/Mining/Energy : LNG -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (400)	4/7/2005 9:31:28 AM
From: Dennis Roth	Read Replies (1) \| Respond to of 919

Excelerate Energy plans stock offering Wed Apr 6, 2005 07:36 PM ET reuters.com By Mark Babineck THE WOODLANDS, Texas, April 6 (Reuters) - Excelerate Energy, fresh off executing the world's first offshore delivery of liquefied natural gas, intends to take its stock public in one to three years, President Kathleen Eisbrenner said on Wednesday. The company has its roots with El Paso Corp. (EP.N: Quote, Profile, Research) , where Eisbrenner began developing the offshore terminal system under previous management. Excelerate was formed in 2003 and, backed by Tulsa, Oklahoma, businessman George Kaiser, acquired the rights to the "Energy Bridge" offshore buoy system. "I'd like to do it in one year," Eisbrenner, referring to going public, told Reuters. "But George says he wants to do it in three years." An offering would be necessary to back the kind of expansion Excelerate discussed at a reception on Wednesday celebrating its first delivery last month, a 3 billion cubic-foot cargo from Malaysia piped into the United States via the "Gulf Gateway" submerged buoy 116 miles south of Louisiana. It was the first LNG regasified offshore, aboard one of Excelerate's specially designed ships. The delivery went smoothly and the gas was marketed by ChevronTexaco (CVX.N: Quote, Profile, Research) . Excelerate Vice President Rob Bryngelson said the company is actively pursuing buoy placement off the coast of Massachusetts and Northern California, and would like to float LNG into Florida, Baja Mexico and New York/New Jersey. "We're really going to be pushing these quite a bit going forward," said Bryngelson, who is hopeful the New England project will be piping gas into Duke Energy's (DUK.N: Quote, Profile, Research) pipeline by spring 2007. Additionally, Bryngelson said at least 22 countries have had "serious discussions" with Excelerate inquiring about the system. The company's only operating regasification vessel actually belongs to Belgian natural gas shipping company Exmar (EXMR.BR: Quote, Profile, Research) , an early and steadfast partner even as the project repeatedly seemed in jeopardy. The second vessel, due later this month, is owned by a charitable foundation funded by Kaiser, founder of bank holding company BOK Financial (BOKF.O: Quote, Profile, Research) . The third, to be owned jointly by Exmar and Excelerate, is scheduled for delivery in October 2006. Bryngelson said the company is close to securing its second LNG cargo. Fellow Vice President Jonathan Cook said the company's tack will change this summer, when it will try to load LNG from standard tankers and deliver it to the Gulf Gateway buoys rather than transport the gas from the source. Bryngelson also said Excelerate intends to add a second buoy to Gulf Gateway, expanding offtake capacity from 500 million cubic feet per day to around 1 billion cubic feet per day. © Reuters 2005. All Rights Reserved.