Tellurian shareholders back proposed $1.2 billion Woodside deal

(Reuters) – Tellurian (NYSE:) shareholders have voted in favor of the U.S. LNG developer’s proposed $1.2 billion acquisition by Australian energy producer Woodside (OTC:) Energy Group, the company said on Friday.

Shares rose 1.4% to 98 cents in premarket trade.

Woodside in July agreed to buy Tellurian, including its U.S. Gulf Coast Driftwood LNG export project.

The agreement is expected help solve Tellurian’s financial woes. The U.S. company has been searching for financial partners to fund the LNG facility. In May, it said it would sell its upstream assets to pay off some of its debt.

The Driftwood LNG project has had many setbacks, including the cancellation of some LNG supply deals amid concerns over the company’s ability to finish the project.