TORONTO, Dec. 4, 2023
/CNW/ - NG Energy International Corp. ("NGE" or the
"Company") (TSXV: GASX) (OTCQX: GASXF) is pleased to
announce that it has signed long-term take-or-pay contracts with
Vanti S.A E.S.P ("Vanti"), Gases del Caribe S.A E.S.P
("Gases del Caribe") and Gases del Occidente S.A E.S.P
("Gases del Occidente") commencing December 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 Mcf to $8.20 per Mcf from
Maria Conchita. The Company expects to sign two additional offtake
contracts in December.
The Company is also pleased to announce that, further to the
Company's press release on November 27, 2023, production
volumes at Maria Conchita have increased from an initial baseline
of 14 MMcf/d to a current production rate of 16.4 MMcf/d and
volumes are expected to increase as the Company continues to test
Aruchara-3 at increasing choke sizes.
Serafino Iacono, CEO of NGE,
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 MMcf/d."
About Vanti S.A E.S.P
Vanti S.A E.S.P, is a Colombia-based utilities company primarily
engaged in the natural gas sector. Together with its subsidiaries,
Vanti is involved in the distribution and marketing of natural gas.
Vanti's business is structured into four market segments:
Residential, Commercial, Industrial and Vehicular.
About Gases del Caribe S.A
E.S.P
Gases del Caribe S.A E.S.P is a Colombia based utilities company whose main
activity is the distribution and sale of natural gas. Gases del
Caribe provides services to more than 625,000 residential,
commercial and industrial users and covers roughly 90% of the
Magdalena region.
About Gases del Occidente S.A
E.S.P
Gases del Occidente S.A E.S.P is a Colombian based utilities
company engaged in the distribution and transport of natural gas to
620,000 customers over 27 municipalities throughout the Valle del
Cauca department. Gases del Occidente operates as a subsidiary of
local distributor Promigas S.A. E.S.P.
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 development forecast, the
signing of additional offtake agreements and the increase of
production rates at Maria Conchita. 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 "Risk 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, including but not limited to the Company's
statements related to anticipated business plans or strategies,
including the Company's plans to complete infrastructure
construction required for commercial production from Sinu-9;
completion of the transactions contemplated by the pipeline
agreement; and the completion of any updated resource
assessment and reclassification of contingent resources to
reserves. 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
|
Mcf
|
thousand cubic
feet
|
MMcf/d
|
million cubic feet per
day
|
SOURCE NG Energy International Corp.