VANCOUVER, BC, Sept. 30, 2022 /CNW/ - NG Energy International Corp. ("NGE" or the "Company") (TSXV: GASX) (OTCQX: GASXF) and CleanEnergy Resources ("CleanEnergy") are pleased to announce the start of drilling at Brujo-1X. Drilling has progressed to a depth of 947 feet and the 13 3/8" well has been cemented at that depth. The well is being drilled to a final depth (TVD) of 7,300 feet in three phases using a 1,500-horsepower hydraulic rig. Several intervals of interest have been identified through geological and geophysical evidences as bright and flat spots associated with gas bearing sands, which are planned to be tested, with the Ciénaga de Oro sandstone reservoir being the primary target in addition to the possibility of discovering gas in the Basal sandstones close to the basement. The Company estimates it will reach the main objectives located at the top and along the Ciénaga de Oro formation in the next two weeks.
Magico-1X was drilled to a TVD of 3,918 feet before the well was completed and tested over 15 MMSCD of dry gas with no water on a comingled production completion from three zones in the upper Ciénaga de Oro sandstone formation between 3,572 and 3,724. The Brujo-1X well will target similar accumulations to these previously encountered zones as well as additional zones at greater depth.
Serafino Iacono, Chief Executive Officer of NGE, commented "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."
NG Energy International Corp. is a publicly traded E&P company on a mission to provide a clean and sustainable solution to Colombia's energy needs. The Company intends on executing this mission by producing and bringing gas to the premium priced Colombian gas market from its concessions, SN-9, a 311,353 acres block which is adjacent to Canacol's Nelson field, as well Maria Conchita, a 32,518-acre block located in the region of La Guajira. NGE's team has extensive technical expertise and a proven track record of building companies and creating value in South America. For more information, please visit SEDAR (www.sedar.com) and the Company's website (www.ngenergyintl.com).
Except for the statements of historical fact, this news release contains "forward-looking information", within the meaning of applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. Wherever possible, words such as "anticipate," "believe," "expects," "intend" and similar expressions have been used to identify the forward-looking statements. The forward-looking information in this news release includes, but is not limited to, statements regarding the completion of the operations described herein, drilling operations, receipt of governmental permits, licences or approvals, estimations of gas production, completion and installation of the gas pipeline and related plant facilities.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions that include, but are not limited to assumptions about the Company's ability to complete the planned operations and activities. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally that could cause actual results to differ materially from historical results or results anticipated by the forward-looking statements. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's inability to perform the proposed operations, regulatory approval risk, environmental risk and additional risks or factors set out in the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, including the Company's annual and interim Management Discussion & Analysis.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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SOURCE NG Energy International Corp.
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