17:08:05 EST Wed 28 Feb 2024
Enter Symbol
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NG Energy International Corp
Symbol GASX
Shares Issued 137,450,742
Close 2023-11-21 C$ 0.93
Market Cap C$ 127,829,190
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NG Energy begins gas production from Aruchara-3 well

2023-11-22 09:19 ET - News Release

Mr. Serafino Iacono reports

NG ENERGY COMMENCES GAS PRODUCTION FROM ARUCHARA-3

The Aruchara-3 well, located in NG Energy International Corp.'s Maria Conchita block, has been granted approval from the ANH for extended production testing and is currently producing, in conjunction with Aruchara-1, at an initial baseline of 14 MMcf/d (million cubic feet per day) from the Jimol Inferior zone. The Aruchara-3 well has significant tubing head pressure (THP) of 2,500 psi (pounds per square inch) and will be tested at increasing choke sizes over the coming days to increase and optimize the production rate. It is anticipated that the company will stabilize production from Maria Conchita toward pipeline capacity.

Serafino Iacono, chief executive officer of NG Energy, commented: "Putting Aruchara-3 on permanent production is a major achievement for our company. Since drilling this well in early August and encountering a new zone of naturally fractured section, our technical team has worked diligently to bring this well into production on schedule and under budget. With the delivery of Aruchara-3 we are well positioned to achieve pipeline capacity from Maria Conchita and look forward to further increasing our growing production base in the first half of 2024 from Sinu-9."

About NG Energy International Corp.

NG Energy International is a publicly traded 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. NG Energy's team has extensive technical expertise and a proven record of building companies and creating value in South America.

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