Global Energy Ventures bags $5M to develop gas supply chain

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Global Energy Ventures (ASX:GEV) has successfully raised $5 million to accelerate investments in energy assets as part of an integrated compressed natural gas (CNG) supply chain.

The placement of 35.7 million ordinary shares at $0.14 each was strongly supported by a group of new and existing institutional investors.

Earlier this year, TTE Petroleum changed its name to Global Energy Ventures to reflect its global outlook and multi-track orientation in the energy market.

The company is planning to expand its capacity to source energy, primarily in the form of natural gas.

Global Energy has already identified stranded gas resources where there is no readily available low cost infrastructure solution to deliver the gas to downstream customers.

It is estimated that there are +100 trillion cubic feet of discovered stranded gas resources globally that provide no value to the asset owners.

Global Energy is looking to invest along the gas supply chain, both upstream and midstream for delivery of the stranded gas resources.

The company took the first step in March 2017 by executing an agreement with CNG technology provider EnerSea Transport Inc.

The agreement provides Global Energy with exclusive rights to EnerSea technology for the supply of CNG in the strong gas demand markets of the Indian subcontinent, Indonesia, UK and Australia.

Discussions are already underway with multiple gas suppliers and gas customers in these regions.

Global Energy shares were last trading 13.33% higher intra-day on Tuesday, at $0.17.

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