NG ENERGY ANNOUNCES SPUDDING OF THE MAGICO-1 WELL AT SINU-9
VANCOUVER, BC, May 31, 2022 /CNW/ – NG Energy International Corp. (“NGE” or the “Company“) (TSXV: GASX) (OTCQX: GASXF) is pleased to announce that drilling has commenced at Magico-1. The well will be drilled to a measured depth (MD) of 8,000 feet in three phases using a 1,500 horsepower hydraulic rig (Independence Rig 61), contracted from Independence Energy.
At least three intervals of interest have been identified and will be tested, with the Ciénaga de Oro sandstone reservoir being the primary objective. The Company estimates it will reach the first zone within three days and will place a 13 3/8″ casing at a depth of 1,000 feet. Drilling will then continue over the next 15 days, passing through the prospective Porquero formation, to the main objectives located at the top and along the Ciénaga de Oro formation starting at a depth of 4,300 feet.
Serafino Iacono, Chief Executive Officer of NGE, commented “After much anticipation we are very pleased to have spudded the first exploration well at SINU-9, the Company’s largest area to be developed in one of Colombia’s most prospective gas producing regions.”
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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