This afternoon NG Energy (TSXV: GASX) released an updated estimate for their flagship project Sinu-9 block that included Contingent Resources of 51.4 BCF, best estimate unrisked Prospective Resources of 836.4 BCF for Prospects and 637.4 BCF for Leads. In addition, NG Energy confirmed the best estimate unrisked Prospective Resources of 194.9 BCF and 2P Reserves of 34.6 BCF at its Maria Conchita block.
This new resource study exceeded management expectations and confirms our highly prospective natural gas blocks in Colombia as we continue our mission to become one of Colombia’s largest and cleanest energy providers. The Company will follow up with a full corporate update in the coming weeks as we push towards initial production from the Aruchara-1 well at Maria Conchita, re-enter and test Instanbul-1 and receive final environmental approval to commence our fully funded 4 well exploration program at the Company’s flagship Sinu-9 block.
Serafino Iacono, Chief Executive Officer & Director of NG Energy
The year-end 2020 resources reports were prepared by Petrotech Engineering Ltd. The company’s official news release on the report, including estimates and summary, can be found here.
Prior to issuing these updated resource estimates, NG Energy had received a $2.70 price target from Beacon Securities. Company CEO Serafino Iacono joined Daily Dive host Cassandra Leah last month and discussed the overall corporate strategy.
The stock last traded at $1.69 up 16.6% at the time of publishing.
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