VANCOUVER, BC, May 14, 2021 /CNW/ - NG Energy International
Corp. (the "Company" or "NGE") (TSXV:
GASX) (OTCQX: GASXF) is pleased to announce that
the Company has successfully re-entered Istanbul-1 well and preliminary testing in
several zones encountered gas that is currently being tested for
flow rates and has been burned in the flare stack. The purpose of
re-entry of Istanbul-1 well, which
was originally drilled in 2018, is to repair wellbore damage,
evaluate the potential extension of the Aruchara-1 producing zones,
and define the production potential of new identified gas prone
zones. The re-entry is part of ongoing evaluation program of the
Maria Conchita field after the successful re-entry in the
Aruchara-1 well completed in August
2020 and on recent geological evaluation of prospective
resources as required by the Colombian authority ANH (Hydrocarbon
National Agency). A comprehensive update will be provided by the
Company at due time with the results of this work. The re-entry was
duly approved by the Colombian authorities.
Ronald Pantin, Executive Chairman
of NG Energy commented: "we are very pleased that our team has been
able to successfully re-enter Istanbul-1 and repair the wellbore damage and
we look forward to updating the market on flow rates from the well
in due course. It is also worth noting that the Company's business
and operations are proceeding as usual and have not been disrupted
by protests. At the same time, the construction of the Maria
Conchita production facilities, including the design and
construction of the gas-line, the treatment facilities and the
connection to GTI are progressing and NG is receiving offers to
assign the O&M contract for the required compression
infrastructure."
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).
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.
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.
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 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.
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.