• 2020 January 2 14:19

    GEV announces extension of shipyard LoI & project update

    Global  Energy  Ventures  Ltd  (ASX: GEV,  the Company),  the  leading  developer  of  global  integrated  marine compressed  natural  gas  (CNG)  projects, announced an  extension of our  a Letter  of  Intent  (LOI)  with Yantai CIMC  Raffles  Offshore,  Ltd  (‘CIMC  Raffles’)  to  build  the CNG Optimum  200 ships. The  extension  is  for  six months through to 30 June2020.The LOI is based ona firm order for four (4) 200MMscf Compressed Natural Gas (CNG) shipswith the option for GEV to order up to an additional four (4) ships. The parties have executed theLOI, with the   intention   of   entering   a   Shipbuilding   Engineering,   Procurement   &   Construction(EPC)   contract, employing GEV’s CNG Optimum design, GEV said in its press release.

    Key highlights:

    • Six  month  extension  to  the Letter  of  Intent  (LOI)  with  Yantai  CIMC  Raffles  Offshore  Limited  (CIMC Raffles) to build the CNG Optimum 200MMscf ship.
    • No  change  to  the contract  price  range  of  USD  135-140  million  per  shipor  delivery  schedule  of  30 months for the first ship.
    • GEV and CIMC Raffles continue towork towards a binding shipbuildingEngineering, Procurement &  Construction  (EPC)  contract,  employing  GEV’s  CNG  Optimum  design,  for  four  (4)  firm  CNG Optimum ships, with the option for GEV to order up to an addition four (4) ships.
    • GEV  and  CIMC  Raffles  Group  also  jointly  working  on  process  engineering  and  areas  of  detailed design for the entire CNG supply chain as part of the recently announced Strategic Alliance.
    • CNG Commercialisation Study now underway for an in-development offshore field in the Pre-salt Brazil, with scheduled completion in March 2020.
    • Due Diligence continues to define a proposal for anew CNG export project from the US Gulf Coast to Mexico and other markets in the Caribbean.

    Executive  Chairman  and  CEO  Maurice  Brand commented: “GEV  is  delighted  to  be  working with  theCIMC  Raffles group of companies as we progress a number of CNG project opportunities. The extension of the LOI with no change to the terms is a strong endorsement of the quality of our projects and progress being made by our team.”

    GEV  would  also  like  to thank  all  shareholders  and  advisors  for  their  support  of  the  Company  during  2019. Management remainconfident in the commercialisation of the CNG Optimum ship together with our “pipe to pipe” gas  transport model which continues  to  gain  momentum  in  the  Brazil  offshore  gas  market  with  the  first  CNG Commercialisation  Study  due  for  completion  in  the  March  quarter 2020.  Our  due  diligence  on  the  recently announced US Gulf Coast offshore export facility is nearing completion and we expect to make an update early in the current quarter.”

    CIMC  Raffles  has  a  successful  track  record  of  delivering  in  excess  of  USD  6  Billion  in  EPC  contracts  since  2012, experience  with  CNG  systems,  and  moving  forward,  their  scale  of  operations  with  three  yards  will  support  our growth aspirations of multiple CNG projects requiring shipbuilding contracts.


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2024 March 24

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