Tellurian will seek equity partners to fund Driftwood LNG, CEO says (NYSE:TELL)

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Tellurian (NYSE:TELL) -9.5% post-market after plunging 23.8% in regular trading Tuesday following its withdrawal of a $1B high-yield bond sale intended to help fund its planned Driftwood liquefied natural gas export project.

The company will continue to seek equity partners to help finance the Driftwood LNG project, CEO Charif Souki said on a YouTube video after the close.

Pulling the bond offering “puts in jeopardy the ability to deliver gas on the schedule we were hoping to stick to,” but the fundamentals for the project remain strong, Souki said on the video.

Tellurian’s (TELL) proposed LNG facility might never be built, and the company’s shares are “severely overvalued,” Thomas Prescott writes in a bearish analysis published recently on Seeking Alpha.

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