- NG Energy encounters 570 feet of net gas in the second
phase of the drilling and an additional 150 feet of net gas
pay in the third phase of drilling
- Drilling reached a Total Depth (TD) of
9,050 feet
TORONTO, Aug. 28,
2023 /CNW/ - NG Energy International Corp.
("NGE" or the "Company") (TSXV: GASX)
(OTCQX: GASXF) is pleased to announce that all three phases of
drilling at Aruchara-3 have been completed on time and under budget
to a total depth of 9,050 feet. While drilling Phase II of the
well, the Company encountered 570 feet of net gas pay in the
H4-H3 sections of the Jimol formation. This new zone was identified
between 6,000 feet and 7,500 after experiencing gas showings
(C1-C5+) throughout the 1,500 feet. NGE, with the support of its
technical team using leading drilling and logging technology,
confirmed this zone as a possible new finding after successfully
logging the well.
While drilling and logging Phase III of the well, which reached
the total depth of 9,050 feet, the Company identified 150 feet of
net gas pay in the zone. The Company will commence the testing of
all potentially productive zones including the newly identified
zone in Phase II with drill stem tests ("DSTs") in order to
assess the best way to complete the well.
Serafino Iacono, Chief Executive
Officer of NGE, commented: "The potential magnitude of this
possible finding could redefine our expectations of the full block
potential at Maria Conchita. Our drilling and technical team have
done a remarkable job drilling under extremely hot conditions and
working around the clock given these gas encounters. The Company
looks forward to providing further updates on DST testing in the
coming two weeks."
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 SN-9, a 311,353
acres 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. 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.sedarplus.ca) 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 information contained
in this news release regarding any possible new finding, the
possibility of producing from any zone, the Company's ability to
complete the well, and whether the finding could redefine the
Company's expectations of Maria Conchita's potential. 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.sedarplus.ca. 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 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.
SOURCE NG Energy International Corp.