NG Energy Provides Construction Update For First Production Facilities
NG Energy (TSXV: GASX) this morning provided a brief update on the status of its production facilities in Colombia. The firm currently is in the process of seeing the buildout and assembly of the plant completed.
The company has indicated that progress is continuing on the buildout of the new facility, which when completed will move the company into the production phase of operations. The current contractor on site has now received the majority of the equipment required for the construction of the facility, while also making progress on equipment testing.
Progress has also been made on the pipeline that will connect the producing wells to national infrastructure, with easement agreements now in place for the length of the pipeline. Installation of the pipeline remains ongoing, with the total pipeline slated to be a total of 4.2 kilometres in length.
Construction of the facility is now targeted for completion late in the third quarter, or early in the fourth quarter.
NG Energy last traded at $0.90 on the TSX Venture.
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