Why Tellurian Shares Are Surging Thursday

Tellurian Inc TELL shares are on the move Thursday morning after the company entered into a binding letter of intent (LOI) with an investor regarding the sale and leaseback of roughly 800 acres of land.

What To Know: The property is owned by Driftwood LNG, a subsidiary of Tellurian, and is expected to be used for a proposed Driftwood liquefied natural gas terminal facility.

Under terms of the LOI, Driftwood will sell the property for $1 billion and then enter into a 40-year lease agreement with the purchaser. The companies are expected to finalize the purchase agreement and lease on or before July 14.

Tellurian is building a global natural gas business by developing a portfolio of natural gas production, LNG marketing and trading and infrastructure that includes a LNG export facility and an associated pipeline.

See Also: Why Lumentum Stock Is Hitting New 52-Week Lows Today

TELL Price Action: Tellurian has a 52-week high of $6.50 and a 52-week low of 94 cents, according to Benzinga Pro.

The stock was up 12.7% at $1.33 at the time of writing.

This illustration was generated using artificial intelligence via MidJourney.