• Aruchara-3 in
process of being tied into existing production facilities
• Contracts being negotiated for
3-5 years and approximately 40% increase from previous
pricing
TORONTO, Oct. 24,
2023 /CNW/ - NG Energy International Corp.
("NGE" or the "Company") (TSXV: GASX) (OTCQX: GASXF)
is pleased to provide 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 4 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 3-5 years for production volumes
starting at 15 MMscf/d. The Company estimates pricing between US
$7.50 – US $
8.00 per million cubic feet (MMcf) 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, CEO, 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, fueled 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 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 the Company's ability to complete
Aruchara-3, the Company's ability to tie in Aruchara-3 with
existing production facilities, the Company's ability to meet its
estimated initial production rate of 15 MMscf/d, the Company's
ability to increase production at Aruchara-3 to 20 MMscf/d, the
Company's potential timeline for entering into natural gas sales
contracts at Maria Conchita and the details of those contracts,
including pricing. 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.