Subject: Pre-FID Technical Advisory Services Salina
Cruz LNG Project
Prepared for: Pilot LNG LLC & GFI LNG LLC
Prepared by: John Ramirez, JR Engineering Company
Date: November 22, 2025
JR Engineering Company will conduct comprehensive due diligence of the Salina Cruz LNG project’s current development status and prepare all necessary documentation and analysis for institutional investor engagement.
The engagement has one clear goal: position the project for successful Pre-FID equity raising (target USD 10.8M, subject to adjustment) by ensuring all materials meet institutional investor requirements and can be seamlessly transferred to the Global Allocation Agent you appoint.
This is technical advisory work, not capital raising. We prepare the project; the GAA raises the capital.
Based on materials reviewed (investor presentation, pricing structure, market analysis):
Strengths:
Gaps Requiring Validation:
PHASE 1: DUE DILIGENCE AND GAP ASSESSMENT (Weeks 1-3)
Task 1: Comprehensive Project Status Review
Systematic assessment across all dimensions institutional investors evaluate:
Deliverable: Due Diligence Report (25-30 pages)
Timeline: Week 3
Task 2: Document Inventory and Quality Control
Complete catalog and quality assessment of all existing project materials.
Activities:
Deliverable: Document Inventory Matrix (Excel) - Catalog of all materials with quality ratings - Gap matrix cross-referenced to investor requirements - Document preparation priorities and responsibility assignments
Timeline: Week 2
Task 3: Financial Model Review
Evaluate existing financial projections against institutional standards.
Review areas:
Deliverable: Financial Assessment Memo (8-10 pages)
Timeline: Week 3
PHASE 2: DATA ROOM AND DOCUMENTATION (Weeks 2-6)
Task 4: Virtual Data Room Setup
Design and implement secure data room for investor due diligence.
Platform: ShareVault (industry standard for infrastructure transactions)
Structure: 12 primary folders
Features:
Deliverable: Operational VDR with complete index Timeline: Setup Week 2, population complete Week 6
Task 5: Document Organization
Organize all suitable materials into data room with proper indexing.
Activities:
Deliverable: Populated data room (80-120 documents estimated) Timeline: Weeks 3-6
PHASE 3: GAP CLOSURE (Weeks 4-8)
Task 6: Analysis Document Preparation
For high-priority gaps where you lack internal capacity, we prepare necessary analysis documents.
Scope determined after Phase 1 assessment. Typical deliverables:
Financial Analysis:
Risk Analysis:
Market and Commercial Analysis:
Deliverables: As prioritized after Phase 1 (rolling delivery Weeks 4-8)
Task 7: External Specialist Coordination
For gaps requiring specialized expertise beyond our scope (engineering studies, legal opinions, environmental assessments), we identify qualified firms and coordinate engagement.
Activities:
Note: Specialist fees are separate. We provide coordination only.
Deliverable: Specialist Engagement Plan Timeline: Week 5
PHASE 4: GAA PREPARATION AND HANDOFF (Weeks 7-10)
Task 8: Investor Materials Package
Prepare comprehensive materials for institutional investor engagement.
Deliverables:
Timeline: Weeks 8-9
Task 9: Global Allocation Agent Briefing Package
Prepare materials to support your selection and engagement of GAA.
Deliverable: GAA Briefing Document (12-15 pages)
Timeline: Week 9
Task 10: Final Assessment and Handoff
Comprehensive final report on project readiness.
Deliverable: Final Readiness Report (10-12 pages)
Critical clarity: This report will state plainly whether the project is ready for institutional investors. If gaps remain, we identify them. If market appetite appears weak at proposed terms, we flag that. Professional integrity requires honest assessment, not optimistic positioning.
Timeline: Week 10
| Week | Deliverable | Format |
|---|---|---|
| 2 | Document Inventory Matrix | Excel |
| 3 | Due Diligence Report | PDF, 25-30 pages |
| 3 | Financial Assessment Memo | PDF, 8-10 pages |
| 4 | Virtual Data Room Setup | VDR platform |
| 5 | Specialist Engagement Plan | PDF, 8-10 pages |
| 6 | Data Room Population Complete | VDR |
| 4-8 | Gap Analysis Documents | PDF, scope TBD |
| 8-9 | Investor Materials Package | PDF/PPT |
| 9 | GAA Briefing Document | PDF, 12-15 pages |
| 10 | Final Readiness Report | PDF, 10-12 pages |
All deliverables transferred to you with full ownership rights upon completion and payment.
We Do:
We Do Not:
Our role ends when the project is ready for the GAA. The GAA then executes the equity raise using the materials and analysis we prepare.
Fixed Fee: USD 42,000
Payment Schedule:
Payment method: Wire transfer (details in engagement letter)
Payment terms: Within 5 business days of invoice
Included:
Excluded:
Context: USD 42,000 represents 0.39% of the USD 10.8M Pre-FID target. This is well within market norms (0.5-1.5%) for development advisory on infrastructure projects of this scale.
Total Duration: 10 weeks from engagement execution
Weekly status calls every Friday, 30 minutes.
To enable effective delivery:
Information Access:
Decision Authority:
Communication:
Total time commitment: approximately 30 hours over 10 weeks.
Understanding 1: Honest Assessment
Our Week 10 report will provide frank assessment of investor readiness. If the project has material gaps, we state that clearly. If market terms need adjustment to attract capital, we flag that. If investor appetite appears weak, we identify why.
This honesty serves you by preventing wasted time and capital pursuing fundraising prematurely.
Understanding 2: Two Equity Tranches
We understand Pre-FID equity (USD 10.8M) and Post-FID capital (USD 324M total, debt and equity mix) are separate fundraising processes with different investor profiles and requirements. Both figures subject to adjustment as project develops.
Our work focuses on Pre-FID readiness. Post-FID capital raising occurs later, after FID is achieved, and typically involves project finance lenders alongside equity.
Understanding 3: Market Determines Terms
If institutional investors lack appetite at proposed terms (return requirements, governance, timeline), the project must either adjust terms or consider alternative capital sources. We assess market standards and flag misalignments early.
Understanding 4: GAA Selection Is Yours
We provide analysis of Global Allocation Agent options, but selection and engagement is your decision. We prepare materials for seamless handoff to whichever GAA you choose.
Understanding 5: Specialist Needs
Some gaps may require specialists beyond our scope (e.g., independent engineer’s report, environmental impact study, legal opinions). We identify these needs and coordinate, but specialist fees are separate and contracted by you directly.
Relevant Experience:
Our Approach:
What We Are Not:
We do this specific scope of work, deliver professional results, transfer everything to you, and exit. Clean, efficient, effective.
We can begin immediately upon engagement execution.
We appreciate the opportunity to support the Salina Cruz LNG project development and look forward to your decision.
John Ramirez JR Engineering Company
Medellín, Colombia
Email: john.ramirez@jrengineering.com.co
JR Engineering — RAPIDS™ Framework
From data to operational wisdom
rapids@jrengineering.com.co
Confidentiality Notice:
This report contains confidential information and is intended solely for
internal organizational use. Unauthorized distribution, reproduction, or
disclosure is prohibited.