VANCOUVER, BC, Oct. 29, 2021 /CNW/ - NG Energy International
Corp. ("NGE" or the "Company") (TSXV: GASX)
(OTCQX: GASXF) is pleased to announce that it has engaged all
relevant parties to commence the re-entry of Istanbul-1 and deploy de-watering capillary
technology to deal with water that exists downhole from when the
well was first drilled. The Company and its contractors are in the
final stages of defining procedures for the ten day program,
including all required approvals, and anticipate completion before
the end of November.
The objectives of the program are as follows:
- Determine the effectiveness of the technology
- Lighten and move the column of liquid in the tubing
- Achieve a surface gas volumetric response (production point
test)
- Estimate the real capacity and potential of the gas production
from the well without the liquid load
The NGE management team is confident that once the capillary
system is deployed and the well is completed, Istanbul-1 should produce between 3-5 MMSCFPD.
This is in addition to the 16 MMSCFPD anticipated to be produced
from Aruchara-1.
The Company is advancing conversations to begin selling the gas
produced from Istanbul-1, which
would be transported via truck, following assembly of all GTX
production facilities ahead of the pipeline being completed and
after receiving the necessary permissions to do so. The remaining
facilities are scheduled to arrive at the production site within
the next 3 weeks, after which all facilities will be assembled by
the end of November.
The Company is also pleased to announce that an agreement has
been signed with Transportadora de Gas Internacional ("TGI")
for the tie in of the Maria Conchita pipeline, enabling the Company
to transport the gas produced from Aruchara-1 and subsequent wells
at Maria Conchita through TGI's main pipeline and sell it in
central consumption centers of the country. The remaining flow
lines are expected to be laid and tied into the TGI main line by
the end of the year.
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.