GASX Announces Successful Re-Entry of the Istanbul-1 Well VANCOUVER, BC, May 14, 2021 /CNW/ - NG Energy International Corp. (the "Company" or "NGE") (TSXV: GASX) (OTCQX: GASXF) is pleased to announce that the Company has successfully re-entered Istanbul-1 well and preliminary testing in several zones encountered gas that is currently being tested for flow rates and has been burned in the flare stack. The purpose of re-entry of Istanbul-1 well, which was originally drilled in 2018, is to repair wellbore damage, evaluate the potential extension of the Aruchara-1 producing zones, and define the production potential of new identified gas prone zones. The re-entry is part of ongoing evaluation program of the Maria Conchita field after the successful re-entry in the Aruchara-1 well completed in August 2020 and on recent geological evaluation of prospective resources as required by the Colombian authority ANH (Hydrocarbon National Agency). A comprehensive update will be provided by the Company at due time with the results of this work. The re-entry was duly approved by the Colombian authorities.
Ronald Pantin, Executive Chairman of NG Energy commented: "we are very pleased that our team has been able to successfully re-enter Istanbul-1 and repair the wellbore damage and we look forward to updating the market on flow rates from the well in due course. It is also worth noting that the Company's business and operations are proceeding as usual and have not been disrupted by protests. At the same time, the construction of the Maria Conchita production facilities, including the design and construction of the gas-line, the treatment facilities and the connection to GTI are progressing and NG is receiving offers to assign the O&M contract for the required compression infrastructure."
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).