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NG Energy International Corp
Symbol GASX
Shares Issued 134,287,132
Close 2023-09-18 C$ 1.11
Market Cap C$ 149,058,717
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NG Energy's Aruchara-3 well tests at 23.5 mmcfpd

2023-09-18 10:03 ET - News Release

Mr. Serafino Iacono reports

NG ENERGY TESTS 23.5 MMSCFD IN THE H2 ZONE AT MARIA CONCHITA

NG Energy International Corp. has completed 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 million cubic feet per day at a 1.5-inch choke with 5.3 barrels of 43.5-degree API condensate recovered during the test.

The complete results for DST-2 are as shown in the attached table.

The company is currently testing the upper zone in Aruchara-3 and will be focused on completing the well and bringing on line in the coming weeks in order to fill the capacity of 20 million cubic feet per day of infrastructure currently at Maria Conchita. Based on the results to date, the company is also rescoping the potential size of the Maria Conchita field.

Serafino Iacono, chief executive officer of NG Energy, 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-per-cent success on exploration and development wells between Maria Conchita and SN-9 with over 105 million cubic feet per day of combined gas flow. We look forward to completing this well and bringing it on line 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 is a publicly traded E&P (exploration and production) 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-acre block that is adjacent to Canacol's Nelson field, as well as Maria Conchita, a 32,518-acre block located in the region of La Guajira. NG Energy's team has extensive technical expertise and a proven record of building companies and creating value in South America.

We seek Safe Harbor.

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