05:03:15 EDT Fri 14 Jun 2024
Enter Symbol
or Name
USA
CA



NG Energy International Corp
Symbol GASX
Shares Issued 137,450,742
Close 2023-12-01 C$ 1.04
Market Cap C$ 142,948,772
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NG Energy signs take-or-pay deal for Maria Conchita

2023-12-04 10:42 ET - News Release

Mr. Serafino Iacono reports

NG ENERGY SIGNS GAS SALES CONTRACTS AND PROVIDES PRODUCTION UPDATE FOR MARIA CONCHITA

NG Energy International Corp. has signed long-term take-or-pay contracts with Vanti SA ESP, Gases del Caribe SA ESP and Gases del Occidente SA ESP commencing Dec. 1, 2023, for a duration of three years; the company has also commenced realizing sales of natural gas at prices ranging from $7.70 per thousand cubic feet to $8.20 per thousand cubic feet from Maria Conchita. The company expects to sign two additional offtake contracts in December.

Further to the company's press release on Nov. 27, 2023, production volumes at Maria Conchita have increased from an initial baseline of 14 million cubic feet per day to a current production rate of 16.4 million cubic feet per day and volumes are expected to increase as the company continues to test Aruchara-3 at increasing choke sizes.

Serafino Iacono, chief executive officer of NG Energy, commented: "We are very pleased to sign these long-term take-or-pay contracts with Vanti, Gases del Caribe and Gases del Occidente, which provide significant, stable cash flow for the company. We are also very pleased with the rising production from Maria Conchita and we continue to test the Aruchara-3 well at increasing choke sizes as we ramp production towards 20 million cubic feet per day."

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

We seek Safe Harbor.

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