viewGlobal Energy Ventures Ltd

Global Energy Ventures welcomes Martin Carolan to board and gains financial expertise

ED Garry Triglavcanin’s role will now take in a chief development officer posting.

A visualisation of GEV’s Optimum 200 ship
A visualisation of GEV’s Optimum 200 ship

Global Energy Ventures Ltd (ASX:GEV) has appointed former Foster Stockbroking partner Martin Carolan to its board as corporate and finance executive director.

The company hopes to draw on Carolan’s global network of institutional and sophisticated investors as it embarks on ship financing and construction stages for its first project.

READ: Global Energy Ventures gains new substantial shareholder with 6.97% stake

GEV has designed a ship to optimise the transportation of compressed natural gas (CNG).

Known as Optimum Ship, it comes after two decades of CNG development and aims to maximise the CNG that can be stored in a ship’s hull.

Carolan has had a successful financial markets career for the past 13 years and has been a consultant to GEV since early 2017, when it began pursuing a CNG strategy.

He was previously a management consultant to large companies during his time with Accenture and Deloitte Consulting.

READ: Global Energy Ventures well-positioned for 2019

GEV executive chairman & CEO Maurice Brand highlighted Carolan’s strong commitment to seeing the company achieve its goals.

Brand said: “We are at an important time in GEV’s development so the addition of Martin’s strong financial experience and investor networks into our team will help us further accelerate our plans for 2019 as we move closer to making a CNG final investment decision and order our first CNG Optimum 200 ships.

“Martin has been a strong supporter of GEV to date and he is dedicated to seeing our company achieve its goals.”

Carolan welcomed the challenge, saying: “The coming 12 months will be integral to GEV’s development as it works towards demonstrated value defining milestones, and I will be working hard with the board and management team to ensure its success.”

READ: Global Energy Ventures attracts $4.7 million; moving towards CNG ship investment decision

At GEV, Carolan will focus on a number of key outcomes to execute the company’s corporate development strategy.

Among these is to work with GEV’s project delivery teams on financial modelling and targeted financial structures.

Carolan will also work with GEV non-executive director Jens Martin Jensen, a Pillarstone Europe shipping portfolio investment partner, and future financial advisors on funding the company’s ships through debt and equity.

New director Carolan will also take on corporate strategy and investor relations responsibilities while ensuring the company meets its ASX and accounting compliance reporting commitments.

READ: Global Energy Ventures granted US approval for ship construction

GEV has made a number of other senior management and board-level changes.

Among these is executive director Garry Triglavcanin’s step-up to the chief development officer role.

The engineer and MBA has more than 25 years' experience in the international energy industry.

Triglavcanin is experienced with the commercial, technical and legal aspects of project development and the negotiation and delivery of projects.

As a group commercial manager with Liquefied Natural Gas Limited (ASX:LNG) he helped develop the Australian Fisherman’s Landing LNG Project, the Magnolia United States LNG Project and the Middle East Qeshm Island LNG Project.

Among the other executive changes, William 'Bill' Hornaday was appointed president of Global Gas Ventures Pty Ltd.

Group company secretary Jack Toby will continue to carry out his responsibilities as he assists the company with accounting support.

Quick facts: Global Energy Ventures Ltd

Price: 0.08 AUD

Market: ASX
Market Cap: $30.96 m

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on 12/3/19

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