04:22:35 EDT Fri 14 Jun 2024
Enter Symbol
or Name
USA
CA



NG Energy International Corp
Symbol GASX
Shares Issued 137,350,742
Close 2023-10-24 C$ 0.90
Market Cap C$ 123,615,668
Recent Sedar Documents

NG Energy averages 6.85 MMscf/d YTD at Aruchara-1

2023-10-24 11:37 ET - News Release

Mr. Serafino Iacono reports

NG ENERGY PROVIDES NATURAL GAS PRODUCTION AND SALES UPDATE

NG Energy International Corp. has provided an update on production and natural gas sales.

Year to date, gross natural gas production has averaged 6.85 million standard cubic feet per day (MMscf/d) from the Aruchara-1 well, increasing from an initial base of four MMscf/d. Aruchara-3 is in the process of being completed and tied into production facilities at an estimated initial production rate of 15 MMscf/d, increasing to 20 MMscf/d.

In December, 2023, the company anticipates signing natural gas sales contracts for Maria Conchita with an estimated duration of three to five years for production volumes starting at 15 MMscf/d. The company estimates pricing between $7.50 (U.S.) to $ 8 (U.S.) per million British thermal units (MMBtu) and will provide final details as soon as contracts have been finalized with respective, long-term customers. The company is encouraged by recent negotiations with organizations at the private and state level across the natural gas value chain and is working expeditiously to increase production volumes during this critical period for energy security in Colombia.

Serafino Iacono, chief executive officer, commented: "Over the past several months, the company has advanced midstream agreements and pricing contracts with key players across the Colombian natural gas value chain as we continue to accelerate the development of both our Maria Conchita and Sinu-9 fields. As we witness a dramatic increase in domestic pricing for natural gas in Colombia, fuelled by El Nino and increased natural gas demand, we are reminded of the potential implications for long-term pricing and our responsibility to provide solutions as the country faces a significant shortfall."

About NG Energy International Corp.

NG Energy International is a publicly traded E&P (exploration and production) company on a mission to provide a clean and sustainable solution to Colombia's energy needs. The company intends on executing this mission by producing and bringing gas to the premium-priced Colombian gas market from SN-9, a 311,353-acre block which is adjacent to Canacol's Nelson field, as well as Maria Conchita, a 32,518-acre block located in the region of La Guajira.

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