NG Energy International Corp. (OTCMKTS:GASXF) (CVE:GASX) stock is trading lower in today’s trading session after the news.
Market Reaction:
As of 9:32, GASXF stock moved down 4% to $0.8595 with more than 1K shares, compared to its average volume of 16K shares. Over the past 52-week, the stock has moved within a range of $0.7670 – 1.4570.
Major Trigger:
NG Energy Provides Operational Update
Key Highlights:
- The Company is very encouraged by the discovery of more than 400 feet of prospective gas zone in the Ciénaga de Oro Formation by Canacol Energy in the Aguas Vivas-1 well (as reported in Canacol’s news release dated June 3, 2021). The Agua Vivas-1 well is located in the VIM 21 Block of the Lower Magdalena Valley Basin and is approximately 10 km from the Hechizo prospect in the Sinú 9 Block of the Sinú San Jacinto Basin.
- In relation to the Sinú-9 permitting process, the Environmental Impact Study for the exploratory drilling area was delivered to the National Environmental Licensing Authority (ANLA) in December 2020 with the follow up requirements being attended to in May 2021. It is estimated that the governmental authority will issue the administrative environmental licensing act during July.
- Progress is being made according to the schedule in the environmental and drilling areas that allows the start of civil works for road access and construction of location to start drilling the Magico-1X well in Q3 2021.
- Magico-1X is the first of four wells to be drilled at Sinú-9, including one well in the Hechizo prospect, activities to be carried out in accordance with the drilling and financing agreement with CPVEN. The primary objective of the exploration is the Ciénaga de Oro Formation similar to the Aguas Vivas-1 well.
- As previously disclosed in the Company’s news releases of February 11 and May 14, 2021, the Company decided to re-enter the Istanbul-1 well based on geological, geophysical and petrophysical studies carried out during 2020 and 2021. It was decided to intervene in the well to evaluate the production potential in several of its zones with the operational activities being carried out ending on May 26, 2021.
