Global Energy Ventures completes sale of US assets

Company News

by Kathy Skantzos

Natural gas company Global Energy Ventures (ASX:GEV) has completed the sale of its remaining US assets after signing a purchase and sale agreement with oil and gas company Viceroy Petroleum.

The sale gives Texas-based Viceroy Petroleum rights to the Allen Dome and Blue Ridge fields.

On completion of the sale, Global Energy Ventures will receive US$341,000, equivalent to AUD$445,000.

Global Energy Ventures recently acquired the CNG marine transport technology developed by Calgary-based SeaNG, which supports its strategy to become a leading developer of global CNG projects.

The company said part of its 2018 strategy is to continue to roll out GEV Optium Technology as well as maintain global leadership in marine CNG technology.

Shares in Global Energy Ventures (ASX:GEV) closed flat at $0.45.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.