LNG Energy Group Extends Agreement for $200 Million JV in Venezuela

LNG Energy Group Corp. has extended its exclusivity agreement and Letter of Intent to November 30, 2026, with Fifth Ocean Management LP and Westlawn Group. The agreement aims to establish a joint venture focused on oil and gas projects in Venezuela, with Fifth Ocean committing to a $200 million investment program.

The partnership involves setting up a new company in the U.S., where LNG Energy will provide existing Venezuelan assets and Fifth Ocean will fund development and acquisition initiatives. The transaction remains subject to due diligence and regulatory approvals, including those from the TSX Venture Exchange and OFAC.

Additionally, the joint venture plans to collaborate with Salamander Solutions Inc. to implement advanced heating technology in Venezuela, targeting heavy oil resources. This technological partnership seeks to enhance the exploration potential of the venture's assets in the region.