VANCOUVER, BC, Aug. 3, 2023
/CNW/ - NG Energy International Corp. ("NGE" or the
"Company") (TSXV: GASX) (OTCQX: GASXF) is pleased to
announce the start of drilling at Aruchara-3. The well is being
drilled from the same pad as Aruchara-1 with a 22° deviation,
targeting the Jimol formation to develop the H1A and H1B
accumulations and define the potential extension of more reserves
and resources in the H2B section by testing this prospect. The well
will be drilled to a total depth of 8,950 feet in three phases and,
if successful, completed and tied into the existing production
facilities by the beginning of Q4 2023 supporting increasing
production in the area.
Serafino Iacono, CEO of NGE
commented "We are very pleased to be underway at Aruchara-3 and are
confident that the well will allow for better development of the 3P
reserves of the field and further definition of the contingent
resources identified in our reserves analysis in the H2B section of
the formation. It is our management team's expectation that the
Aruchara-3 well will be able to support increasing production at
Maria Conchita toward 20 MMSCFPD, which would make NGE cash flow
positive. We expect that with this positive free cash flow, along
with the successful closing of the Company's most recent financing,
we will be able to execute our development plans for Maria Conchita
and Sinu-9 without the need to raise any additional capital. We
look forward to updating the market on testing results of the well
in due course."
About NG Energy International
Corp.
NG Energy International Corp. is a publicly traded E&P
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 its
concessions, SN-9, a 311,353 acres block which is adjacent to
Canacol's Nelson field, as well Maria Conchita, a 32,518-acre block
located in the region of La Guajira. NGE's team has extensive
technical expertise and a proven track record of building companies
and creating value in South
America. For more information, please visit SEDAR
(www.sedar.com) and the Company's website
(www.ngenergyintl.com).
Cautionary Statement Regarding
Forward-Looking Information
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release, including, without limitation, the Company's target
production capacity, the Company's need for future capital to fund
its operations at Maria Conchita and Sinu-9 and the Company's
expectations for Aruchara-3. Any statement that involves
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as "expects",
or "does not expect", "is expected", "anticipates" or "does not
anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that could cause actual results to differ materially from those
anticipated in these forward-looking statements are described under
the caption "Risks Factors" in the Company's most recent Management
Discussion and Analysis and its Annual Information Form dated
June 30, 2023, which are available
for view on SEDAR at www.sedar.com. These risks include but are not
limited to, the risks associated with the oil and natural gas
industry, such as exploration, production and general operational
risks, volatility of pricing for oil and natural gas, changing
investor sentiment about the oil and natural gas industry,
competition in the markets where the Company operates, any delays
in production, marketing and transportation of natural gas,
drilling costs and availability of equipment, regulatory approval
risks and environmental risks. Forward-looking statements contained
herein, including but not limited to the Company's the Company's
target production capacity, the Company's need for future capital
to fund its operations at Maria Conchita and Sinu-9 and the
Company's expectations for Aruchara-3, are made as of the date of
this news release, and the Company disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Abbreviations
The abbreviations set forth below have the following
meanings:
Natural Gas
|
3P Reserves
|
Proved plus Probable
plus Possible reserves
|
MMSCFPD
|
million standard cubic
feet per day
|
SOURCE NG Energy International Corp.