NG Energy International Launches CPF at Sinu-9 for Gas Production

NG Energy International Commences Work on Central Processing Facility

NG Energy International Corp. ("NGE" or the "Company") is thrilled to share that they have initiated the commissioning of the Central Processing Facility (CPF) at their Sinu-9 Block. This advancement represents a significant step forward in their natural gas operations, especially following the successful completion of a new 28.3 km pipeline linking the CPF to the Jobo delivery point.

Key Developments in Gas Production

After receiving approval from the Agencia Nacional de Hidrocarburos ("ANH"), NGE and its working partners are ready to start early production testing from the Sinu-9 Block. This approval sets the stage for NGE to begin utilizing gas from the Brujo-1X well, marking an important milestone in the Company’s operational capabilities.

Partnerships and Project Stakeholders

Don Sewell, President and Director of NGE, expressed his gratitude towards the partners involved in this infrastructure project including INFRAES S.A.S. E.S.P., CleanEnergy Resources S.A.S., Surenergy S.A.S. E.S.P. and Union Temporal Sinu-9. Their collaboration has been vital for the successful start of the CPF commissioning, which is a crucial step for NG Energy in strengthening its operational base in Colombia.

Growth Trajectory in Natural Gas Exploration

NG Energy is strategically positioned to develop large-scale natural gas fields in growing markets. Their focus revolves around enhancing value for shareholders and stakeholders through the discovery and development of these resources. They are currently benefiting from a healthy demand for gas in Colombia, with prices projected around $8 per MMBtu. Looking ahead, the Company aims for a staggering production goal of 200 million cubic feet per day (MMcf/d), anticipating over 150% growth by the end of the year.

Investment and Development Commitments

The Company has invested over $100 million in the exploration and development of the Sinu-9 and Maria Conchita blocks, which is a testament to their commitment to growth and sustainability in the energy sector. Recent financing support from Macquarie Group signifies a fully funded development plan for 2024/2025, further emphasizing the strategic alignment of NGE with global financial endeavors.

Understanding Reserves and Future Projections

NGE has reported significant year-over-year increases in its reserves, including a 551% increase in 3P reserves. This growth highlights the promising potential of its natural gas production outlook, driven by extensive geological assessments and evaluations.

Commitment to Energy Transition and Sustainability

Aligned with global energy transition goals, NG Energy International continues to pursue sustainable practices in natural gas exploration and production. Their initiatives contribute positively to Colombia's energy landscape, supporting both economic growth and environmental sustainability.

Frequently Asked Questions

What is the significance of the CPF at Sinu-9?

The CPF at Sinu-9 is crucial for processing natural gas and is integral to enhancing NGE's production capabilities in Colombia.

Who are NG Energy's partners in this project?

NG Energy collaborates with INFRAES S.A.S. E.S.P., CleanEnergy Resources S.A.S., Surenergy S.A.S. E.S.P., and Union Temporal Sinu-9 on the CPF project.

What are NGE’s production goals for 2024?

NGE aims for a production goal of 200 MMcf/d, with expectations of over 150% increase in production by the end of the year.

How much has been invested in Sinu-9 development?

Over $100 million has been invested in the exploration and development of the Sinu-9 and Maria Conchita blocks.

What role does Macquarie Group play in NGE's financing?

Macquarie Group has provided financing of up to $100 million, allowing NGE to support its fully-funded development plans for 2024/2025.

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