Further afield, Serafino Iacono and Ron Pantin's NG Energy International Corp. (GASX) added nine cents to $1.89 on 427,400 shares, as it strove to recapture enthusiasm for its soon-to-be-producing Colombian gas assets. "The glycol and dehydration units have arrived at site," it cheered this morning. The comment makes more sense in light of the fact that these units were the holdup in finishing the new gas facilities at the company's Maria Conchita block. NG Energy announced the holdup on Jan. 4, but said it expected resolution "in the coming days." The stock was then trading above $2.30. Amid rising impatience, the stock fell steadily to yesterday's close of $1.80.
Today the stock perked up again, though relatively mildly; the plant still faces an indeterminable period of testing before it can come on-line and officially turn NG Energy into a producer. Investors were originally hoping for this milestone months ago. In the Jan. 4 press release, it fell to CEO Mr. Iacono to try to cheer them up by stating that 2022 will be "transformational." In today's update, executive chairman Mr. Pantin took over the chant, stating that NG Energy is about to "transition from a developer to a producer ... [in] the premium-priced Colombian marketplace."
Both men have been active in this marketplace for years. Their previous promotion was Pacific Rubiales, a once-high-flying Colombian oil producer that traded above $35 in 2008, but collapsed below 40 cents and declared bankruptcy in 2016. It underwent a massive restructuring and subsequently re-emerged (under new management) as Frontera Energy Corp. (FEC: $9.43).