NG Energy International (TSXV: GASX) has finally begun the process of developing its flagship asset, the SINU-9 cell block in Colombia. The firm this morning indicated that drilling has commenced on the property.
The drill has begun turning on the Magico-1 well, which was spud as of this morning. The well is expected to be drilled to a depth of approximately 8,000 feet, with drilling to be conducted over three phases by contractor Independence Energy.
The primary objective of the well is said to be the Cienaga de Oro sandstone, however three intervals of interest are being targeted under the drill program. The first zone is expected to be reached within three days, at a depth of 1,000 feet. Remaining drilling is then to take place over 15 days, with the main objective expected to be hit at a depth of 4,300 feet.
“After much anticipation we are very pleased to have spudded the first exploration well at SINU-9, the Company’s largest area to be developed in one of Colombia’s most prospective gas producing regions,” said Serafino Iacono, CEO of NG Energy.
Once the Magico-1 well is completed, the firm has previously stated that the drill rig will then move to the areas of Hechizo, Milagroso and Hechicero for further drilling.
NG Energy last traded at $1.20 on the TSX Venture.
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