Global Energy Ventures Ltd. announced an extension of Letter of Intent with Yantai CIMC Raffles Offshore Ltd. to build the CNG Optimum 200 ships. The extension is for six months through to 30 June 2020. The LOI is based on a firm order for four 200MMscf Compressed Natural Gas ships with the option for GEV to order up to an additional four ships. The parties have executed the LOI, with the intention of entering a Shipbuilding Engineering, Procurement & Construction contract, employing GEV's CNG Optimum design. GEV announced the commencement of first CNG Commercialization Plan to work with the operator of in-development oil field located in the offshore Brazilian Pre-Salt to jointly validate that the CNG opportunity displays suitable technical viability and commercial value to each participant. GEV is pleased to update shareholders that work commenced during December 2019 with the respective technical and commercial teams. Work will recommence in the first week of January in order to meet the delivery timeline of March 2020. GEV management continue to progress additional opportunities with international oil companies located in the Brazil market for the use of a CNG gas transport solution. The Commercialization Plan is for a selected in-development oil field with associated gas is situated in the Santos Basin, Brazil, approximately 200km from Rio de Janeiro and 350km from Brazil's largest city, Sao Paulo. First oil and gas production are expected in late 2023 via a Floating Production, Storage and Offloading vessel, designed for up to 8.5 million m3 (300MMscf) of natural gas per day. A Financial Investment Decision and awarding of contracts for this development is scheduled for the later part of 2020.

GEV announced the proposal for a US gas export project using CNG Optimum to transport gas to regional markets that include Mexico, Central America and the Caribbean. Due diligence continues to progress the proposal for an existing offshore platform as the export facility connected to existing network of underutilized pipelines serving producers in and near the Gulf of Mexico. Technical due diligence has now confirmed the preferred site for this facility, with management now engaged with parties for the supply and offtake of gas that would also provide credit support. The initial capacity for this facility will be for the supply of 200MMscf/d (or 80bcf/year or1.5Mtpa LNG equivalent). GEV will update shareholders during the March 2020 quarter including: the location of the selected platform; permitting timelines; indicative on-water costs for export gas and investment grade parties to support the supply and offtake of gas.