Tellurian issues letter to shareholders, hires financial advisor

Chairman Martin Houston issued a letter to shareholders. “As 2023 draws to a close, I wanted to give you some sense of what is happening in your company and what to expect as we move into 2024… Our mission is simple and unchanged – delivering value to our shareholders and employees from the Driftwood LNG project. We started by realigning our resources at the top level to create greater focus on project and commercial delivery, to improve our liquidity position and to strengthen our balance sheet. So, with that in mind, I am pleased to say that we have already: Reduced our G&A costs by almost 50%; Agreed and announced a $37.9 million debt for equity swap with our principal lender; Attracted a significant new investor; Reviewed our commercial activities in detail and added new potential counterparties; Appointed a financial advisor to assist with shaping commercial structures as well as balance sheet management. They will provide valuable assistance and guidance in the coming weeks. I hope that these early steps will go some way to helping bolster confidence in the leadership of your company and illustrate the manner in which we intend to communicate with you.”