VANCOUVER, BC, Dec. 2, 2021 /CNW/ - NG Energy International
Corp. ("NGE" or the "Company") (TSXV: GASX)
(OTCQX: GASXF) is pleased to announce that, as part of the recently
announced environmental license, the National Authority of
Environmental Licenses ("ANLA") has approved the Company's
petition for the drilling of 22 wells and the associated work
programs for the construction of associated surface infrastructure,
including roads and pads, for those wells covered within the SINU-9
environmental license. With the receipt of ANLA approval, the
Company has commenced efforts for these surface construction
projects.
Following the Company's press release on September 10, 2021, which announced receipt of
the SINU-9 environmental license, the Company's management team has
decided to start the SINU-9 phase 1 drilling campaign in the
northern area of the field (the "North Area") as it is the
most prospective area from a resources standpoint, with an access
road already in place requiring less time for initial civil work
before drilling operations commence. Accordingly, the first two
wells in the Company's fully-funded four-well drill program will be
focused in the North Area. According to the Resources Report
released by Petrotech Engineering Ltd. earlier this year, dated
December 31, 2020, 51.4 BCF of
Unrisked Contingent Resources and 269 BCF of Unrisked Prospective
Resources (at 100% WI) were confirmed in the North Area.
The Company has commenced design planning for modifications
to the existing road and construction of the new pad in
anticipation of the drilling of the Hechizo Norte-1 well, which
will immediately be followed by the drilling of the Hechizo Este-1
well, in the first months of 2022. Under the direction of CPVEN, a
suitable drilling rig has been contracted and all steps in relation
to drilling permits through the national authorities is
underway.
Executive Chairman Ronald Pantin
commented, "We as a management team are very excited to advance our
work on the SINU-9 block. Our refined exploration program is based
on the area with the highest number of Contingent and Prospective
Resources, reducing exploration risk. The program is based on the
results of the production tests on Hechizo-1 in 1992 and on strong
evidence of gas bearing formations due to the presence of AVO
interpretations with several flat and bright spots."
Maria Conchita Loan Conversion
In accordance with the terms of the Aruchara loan entered into
by the Company in December 2019 for
debt proceeds of US$1.6 million, the
lenders have opted to exercise their option to convert the balance
of the outstanding loan (being the loan principal and accumulated
interest since inception) to a 2.5% overriding royalty on the
Company's beneficial interest of petroleum and natural gas
production from the Maria Conchita Block. With this option
exercise by the lenders, the balance of the Aruchara loan is
considered settled with no further financial obligations to the
lenders retained by the Company.
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, SINU-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.