NG Energy (TSXV: GASX) is looking to have a good day on the markets after its latest drill results. The firm this morning revealed it has completed the drilling of the Brujo-1X well within its flagship Sinu-9 block in Colombia, with initial indications pointing to strong results.
The well was drilled to a total depth of 8,019 feet within the Lower Magdalena Basin. Reportedly, the well hit a whopping 680 feet of net gas bas bearing zone within the Cienaga de Oro formation, and a further 103 feet of net gas bearing zone in the Porquero formation, for total net gas pay of 783 feet within the well.
“We are very excited by the potential magnitude of these results. This will allow the Company to redefine the expectations of the full block potential. The Company looks forward to providing further updates on well testing as this work progresses,” said CEO Serafino Iacono.
Comparatively, the Magico-1x well, the first such well drilled on the property, encountered initial results of net pay of 100 feet. That well ultimately tested at 15.143 mmscf/d of dry gas with no water present across 76 feet of net pay.
Testing of the Brujo-1x well is set to begin on Monday, with several drillstem tests set to occur to define where is best to complete the well for the highest possible stable production. Once completed, the firm will then begin drilling Hechicero well from the same platform, which has already received the required approvals.
NG Energy last traded at $0.82 on the TSX Venture.
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