NG ENERGY ANNOUNCES 551% YOY INCREASE TO 3P RESERVES - 314% increase to 2P reserves to Company gross 161.6 BCF for before tax NPV10 of US$259.7 million
- 551% increase to 3P reserves to Company gross 304.8 BCF for before tax NPV10 of US$466.8 million
- Company gross unrisked best estimate contingent resources of 195.8 BCF for before-tax NPV10 of US$148.4 million
- Company gross unrisked best estimate prospective resources of 184.0 BCF for before-tax NPV10 of US$300.5 million
- Production at Maria Conchita has increased to 18 MMcf/d with 100% of gas volumes being sold
TORONTO, Dec. 27, 2023 /CNW/ - NG Energy International Corp. ("NGE" or the "Company") (TSXV: GASX) (OTCQX: GASXF) is pleased to announce that, with its partners Olympo and Duemav in the Maria Conchita Block and with Clean Energy and Oleum in the SN9 Block, it has increased reserves at both Maria Conchita and Sinu-9 as part of an updated independent analysis by Sproule International Limited ("Sproule"). The updated reserves and resources incorporate the recently drilled Aruchara-3 well at Maria Conchita which includes the newly encountered section in zone H4 in addition to zones H1 and H2 and finalized plans for construction of infrastructure at Sinu-9.
NG ENERGY ANNOUNCES 551% YOY INCREASE TO 3P RESERVES (newswire.ca)