NG Energy Completes Maria Conchita Natural Gas Plant
Progress continues for NG Energy International (TSXV: GASX). The firm this morning indicated it has pushed one step closer to achieving production at its Maria Conchita property in Colombia.
As of this morning, the company has completed the assembly of its gas plant following the arrival of glycol and dehydration units to site. The plant itself is now “mechanically ready” for both pre-commissioning and commissioning, as it works towards the end goal of gas production.
With assembly complete, nitrogen testing will begin. The process will identify any leaks that may need to be resolved at connection points. Nitrogen testing is then followed by hydrostatic and electric testing, which when complete will then see the plant programmed for the production of between 16 and 20 million standard cubic feet per day of natural gas, which is inline with current production estimates for the company’s first two wells.
The development was welcomed by Ronald Pantin, Executive Chairman of the company, whom commented that he looks forward to the “transition from a developer to a producer and begin selling natural gas into the premium priced Colombian marketplace.”
NG Energy last traded at $1.80 on the TSX Venture.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive has been compensated to provide coverage on this company. The company has been compensated to cover this story on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
