Perth energy stock completes Canada deal

Shares in Global Energy Ventures have recommenced trading on the ASX today following a $4 million capital raising and the purchase of a Canadian marine transport technology business.

Led by chairman and chief executive Maurice Brand, GEV has acquired SeaNG, which focuses on marine CNG transportation projects using its Coselle technology.

SeaNG recently developed new technology which GEV intends to utilise for CNG transportation.

GEV is hopeful the acquisition will accelerate the development of the company’s Atlantic CNG project, where it plans to transport CNG to the Port Meridian import terminal located in the UK.

The company also raised $4 million through the issue of shares at 17 cents each, with Mr Brand taking up $340,000 of the raising.

Mr Brand said the company’s aims for 2018 included obtaining approval for the construction of CNG Optimum 200 ships, securing financial close of the first CNG project and securing access to existing gas resources.

“We welcome our new shareholders and look forward to meeting with them during 2018 as we regularly communicate the Company’s progress,” he said.