Development of the SINU-9 gas field continues apace for NG Energy International (TSXV: GASX). The company this morning indicated that it has begun drilling its second well on the claim block, referred to as Brujo-1X.
The well itself has already been drilled to a depth of 947 feet, with the total depth expected to reach up to 7,300 feet within the next two weeks. The company has identified several “intervals of interest” based on geological and geophysical studies conducted on the property with gas bearing sands.
Much like the Magico-1X well which was recently completed, the main target of Brujo-1X is the Cienaga de Oro sandstone reservoir. That well, which was drilled to a depth of 3,918 feet before being completed and tested, has tested at over 15 MMSCD of dry gas and contained no water after intersecting three separate gas zones.
Sponsored · Selkirk Copper Mines
Brujo-1X meanwhile is again targeting these zones, as well as more zones at a deeper depth. There is said to currently be the possibility of hitting gas in Basal sandstones near to the basement.
WATCH: Is The Clean Energy Transition Pushing Energy Price Hikes?
“After the excellent results from the Magico-1X well at SINU-9, we are pleased to continue our phase-1 exploration program with Brujo-1X and are very encouraged by the gas potential deeper in the Ciénaga de Oro formation and the Basal sandstones,” commented CEO Serafino Iacono.
NG Energy last traded at $0.80 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.
