Managing director Chris Hart said the name change was necessary because the company now had a broader focus to its projects.

“The manufacture of methanol is no longer the sole focus of the company,” Hart said.

“The company has expanded its focus to include exploration and appraisal of its 100%-owned exploration permit, NT/P68, as well as the development of an offshore LNG production facility. We now can see the possibility of significant natural gas and condensate production from NT/P68.”