[Context: Publicly traded Seven Generations Energy (7Gen), backed by ARC Financial and Azimuth Capital, announced a minority investment in Steelhead LNG, backed by Azimuth Capital, to develop infrastructure to support a British Columbia LNG export project. The size of investment came from a portion of 7Gen’s budget that is less than 5% of its total 2016 capital budget, according to the news release. In January, 7Gen reported its capital budget would be C$900m to C$950m. Therefore, the minority investment was less than C$47.5m ($35.98m). ]
Seven Generations Advances Market Access Initiatives Through LNG Export Development Agreement; 7G is in the Process of Engaging Stakeholders in Energy Export Project Planning
CALGARY, ALBERTA–(Marketwired – Sept. 19, 2016) – Seven Generations Energy Ltd. (TSX:VII) has entered into a development agreement with Vancouver’s Steelhead LNG to explore infrastructure development and open new overseas markets for Canadian natural gas. 7G has also acquired a minority ownership interest in Steelhead LNG. This investment was funded using capital that has been designated to support 7G’s market access initiatives, which constitutes less than five percent of 7G’s 2016 capital budget.