NG Energy International (TSXV: GASX) has seen the successful re-entry of the Isntabul-1 well. The re-entry was done as part of an ongoing evaluation program of the Maria Conchita gas field, and follows the successful re-entry of another well in August 2020.
Preliminary testing in several zones of the well has indicated that gas has been encountered, with that gas now being tested for flow rates. The re-entry will look to repair wellbore damage, as well as to evaluate the potential extension of the Aruchara-1 producing zones. The company will also look to identify the production potential of newly identified gas zones.
“We are very pleased that our team has been able to successfully re-enter Istanbul-1 and repair the wellbore damage and we look forward to updating the market on flow rates from the well in due course. It is also worth noting that the Company’s business and operations are proceeding as usual and have not been disrupted by protests.
Ronald Pantin, Executive Chairman
The company also provided an update on current operations elsewhere, with Ronald Pantin, Executive Chairman, commented, “the construction of the Maria Conchita production facilities, including the design and construction of the gas-line, the treatment facilities and the connection to GTI are progressing and NG is receiving offers to assign the O&M contract for the required compression infrastructure.“
NG Energy last traded $1.18 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. Always do additional research and consult a professional before purchasing a security.
