- Zones H1 + H2 combined test up to 40.2 MMscf/d
- Between SN-9 and Maria Conchita, over 105mmscf/d now
tested
TORONTO, Sept. 18,
2023 /CNW/ - NG Energy International Corp.
("NGE" or the "Company") (TSXV: GASX) (OTCQX: GASXF)
is pleased to announce the completion of the second Drill Stem Test
(DST-2) at the Aruchara-3 well in the H2 Zone of the Jimol Inferior
Formation. DST-2 was conducted over a 46-hour period including a
17.5-hour flowing period, testing up to 23.5 MMscf/d at a 1.5"
choke with 5.3 barrels of 43.5 API condensate recovered during the
test.
The complete results for DST-2 are as follows:
Flow
Duration
|
Choke
Size
|
Peak Gas
Flow Rate
|
Avg. Gas
Flow Rate
|
Avg. Flowing
Tubing
Pressure (THP)
|
(hours)
|
(inches)
|
(MMscf/d)
|
(MMscf/d)
|
(psig)
|
0.5
|
48/64
|
11
|
10.8
|
2066
|
6
|
32/64
|
10.4
|
10
|
1993
|
5
|
48/64
|
18.6
|
16
|
1360
|
4
|
64/64
|
23
|
19.7
|
1047
|
2
|
96/64
|
23.5
|
20.5
|
829
|
The Company is currently testing the upper zone in Aruchara-3
and will be focused on completing the well and bringing online in
the coming weeks, in order to fill the capacity of 20 MMscf/d of
infrastructure currently at Maria Conchita. Based on the results to
date, the company is also re-scoping the potential size of the
Maria Conchita field.
Serafino Iacono, Chief Executive
Officer of NGE, commented: "The Aruchara-3 well has continued to
exceed expectations with excellent DST results in the H2 Zone of
the Jimol Formation. Our technical team has achieved 100% success
on exploration and development wells between Maria Conchita and
SN-9 with over 105 MMscf/d of combined gas flow. We look forward to
completing this well and bringing it online in the coming weeks as
well as updating the market on our progress at SN-9, as
Colombia's gas needs have never
been more critical."
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 SN-9, a 311,353
acres block which is adjacent to Canacol's Nelson field, as well as
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
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release, including, without limitation, the information contained
in this news release regarding any possible new finding, the
possibility of producing from any zone, the Company's ability to
bring Aruchara-3 online and the Company's ability to fill the
capacity of 20 MMscf/d of infrastructure currently at Maria
Conchita. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that could cause actual results to differ materially from those
anticipated in these forward-looking statements are described under
the caption "Risks Factors" in the Company's most recent Management
Discussion and Analysis and its Annual Information Form dated
June 30, 2023, which are available
for view on SEDAR+ at www.sedarplus.ca. These risks include but are
not limited to, the risks associated with the oil and natural gas
industry, such as exploration, production and general operational
risks, volatility of pricing for oil and natural gas, changing
investor sentiment about the oil and natural gas industry,
competition in the markets where the Company operates, any delays
in production, marketing and transportation of natural gas,
drilling costs and availability of equipment, regulatory approval
risks and environmental risks. Forward-looking statements contained
herein are made as of the date of this news release,
and the Company disclaims, other than as required by law, any
obligation to update any forward-looking statements whether as a
result of new information, results, future events, circumstances,
or if management's estimates or opinions should change, or
otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements.
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.
Abbreviations
The abbreviations set forth below have the following
meanings:
Natural Gas
|
API
|
American Petroleum
Institute
|
MMscf/d
|
million standard cubic
feet per day
|
Information Regarding
Condensate
"Condensate", also called condensate, gas
condensate, or natural gas liquids, is a low-density mixture of
hydrocarbon liquids that are present as gaseous components in the
raw gas produced from many gas fields. Some gas species within the
raw gas will condensate to a liquid state if the temperature is
reduced to below the hydrocarbon dew point temperature at a set
pressure. Raw gas may come from any one of three types of gas
wells:
(a) Crude Oil Wells: Raw gas that comes from crude
oil wells is called "associated gas". This gas can exist separate
from crude oil in the underground formation or be dissolved in the
crude oil. Condensate produced from oil wells is often referred to
as "lease condensate";
(b) Dry Gas Wells: These wells typically produce
only raw gas that contains no hydrocarbon liquids. Such gas is
called "non-associated gas". Condensate from dry gas is extracted
at gas processing plants and is often called "plant condensate";
and
(c) Condensate Wells: These wells produce raw gas
along with NGLs. Such gas is also called "associated gas" and
is often referred to as "wet gas".
SOURCE NG Energy International Corp.