Canada NewsWire
VANCOUVER, BC
,
August 2, 2022
/CNW/ – NG Energy International Corp. (“NGE” or the “Company”) (TSXV: GASX) (OTCQX: GASXF), in the development of the Sinu-9 E&P Contract and under the agreements with CleanEnergy Resources (“CleanEnergy”) (“CleanEnergy” & “NGE” both “The Companies”), is pleased to announce that, further to the
July 21
st
news release, the first well of the exploration program in the Sinu-9 block has conducted two successful Drillstem Tests (DSTs) and a comingled test within three prospective zones in the Magico-1x well. The well is in the Sinu-9 block in the department of Cordoba.
The Companies report the following results from the two tests:
DST-1 (3,694′ – 3,724′ MD of a net Pay of 40′)
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The above test was conducted between
July 19, 2022
and
July 20, 2022
, in the lowest of the three drilled zones of the Cienaga de
Oro
(CdO) formation. This test produced 4.0982 MMcf of gas and no water. The specific gravity of the gas from this test is 0.5579
NOTE: the above data should be considered preliminary until pressure transient analysis or well-test interpretation has been done.
NOTE: the above test results are not necessarily indicative of long-term performance or of ultimate recovery.
DST-2 (3,572′ – 3,582′ MD, 3,632′ – 3,640′ MD of a Net Pay of 36′)
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The above test was conducted between
July 23, 2022
and
July 24, 2022
, in the upper zone of the Cienaga de
Oro
(CdO) formation. This test produced 5.0997 MMcf of gas and no water. The specific gravity of the gas from this test is 0.5576.
Based on the results of these tests, the Companies decided to complete the well with a 3 ½” tubing size and test across all three zones on a comingled completion. The results of this test are as follows:
Comingled Test (3,572′ – 3,582′ MD, 3,632′ – 3,640′ MD, 3,694′ – 3,724′ MD of a Net Pay of 76′)
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The above test was conducted on
July 31, 2022
, across the three open intervals of the Cienaga de
Oro
(CdO) formation. This test produced 4.0347 MMcf of gas and no water. The specific gravity of the gas from this test is 0.5576. The total amount of gas produced from all three tests is 13.2326 MMcf and no water.
NOTE: the above data should be considered preliminary until pressure transient analysis or well-test interpretation has been done.
NOTE: the above test results are not necessarily indicative of long-term performance or of ultimate recovery.
Based on these results the Companies concluded the following: the well tested over 15 MMSCD of dry gas with no water on a comingled production completion from the three zones of the Cienaga de
Oro
(CDO) sandstone formation between 3,572′ and 3,724′ MD (Measured Depth) with a combined net pay of 76′. Other identified prospective zones will be tested in the future.
Once all analysis has been completed, the Companies, during the next months, will continue with the spudding of the Brujo exploration well in the same block. This well has already received approval from the ANH.
Chief Executive Officer of NGE, Serafino Iacono commented “We are very excited about this well in an area with great exploration potential. This is very positive to the Country and contributes to the green energy politics that the new Colombian government wants to enforce.”
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
Except for the statements of historical fact, this news release contains “forward-looking information”, within the meaning of applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. Wherever possible, words such as “anticipate,” “believe,” “expects,” “intend” and similar expressions have been used to identify the forward-looking statements. The forward-looking information in this news release includes, but is not limited to, statements regarding the completion of the operations described herein, drilling operations, receipt of governmental permits, licences or approvals, estimations of gas production, completion and installation of the gas pipeline and related plant facilities.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions that include, but are not limited to assumptions about the Company’s ability to complete the planned operations and activities. The Company has also assumed that no significant events will occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally that could cause actual results to differ materially from historical results or results anticipated by the forward-looking statements. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company’s inability to perform the proposed operations, regulatory approval risk, environmental risk and additional risks or factors set out in the Company’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, including the Company’s annual and interim Management Discussion & Analysis.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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.
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http://www.newswire.ca/en/releases/archive/August2022/02/c6354.html
