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LNG managing director Maurice Brand. Picture: Steve Ferrier/The West Australian.
LNG managing director Maurice Brand. Picture: Steve Ferrier/The West Australian.

UPDATE 10.50am: Maurice Brand's runaway market success story, Liquefied Natural Gas, has continued to hit fresh record highs today after attracting a third share price query from the Australian Securities Exchange in as many months.

Shares in the company hit a new record high of $2.93 this morning.

At 10.55am, LNG shares were up 13.5 cents, or 4.87 per cent, to $2.905.

LNG said yesterday it could not explain why its shares had surged so strongly in recent days beyond increased investor interest in its Magnolia LNG project in the US.

LNG's market capitalisation last night was $1.2 billion.

The Perth company's shares were worth 16c at the start of this year before investors began believing in Mr Brand's ambition to become one of the first companies to liquefy gas in the US, ready for exports to LNG markets traditionally the domain of Australia's gas industry.

LNG still requires approval from US regulators and the funds for Magnolia's four million tonne a year project, which comes with a $US2.2 billion capital cost. First LNG output is slated for mid-2018.

LNG latest ASX query came as ExxonMobil applied to the Department of Energy for an LNG export licence for its Alaska project, highlighting the rush to export US gas.

The West Australian

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