Serafino Iacono, CEO of NG Energy (TSX.V:GASX – OTC:GASXF) joins us to review the growth potential for the next 2 years for natural gas and now light oil focused in Colombia. The Company has 3 assets, 2 of which have straightforward pathways to production, Maria Conchita and SINU 9.
We start off by having Serafino outline the progress at the Maria Conchita project bringing online the Aruchara-1 Well and Istanbul-1 Well this year, ramping up from 20 million cubic feet per to 40 million cubic feet over the next year. The Company has finished installing and hooking up the 14 km pipeline to connect to the Colombia’s network. There is also the plans to bring on the new Tinka-1 Well by September, and this will contribute another 10 million cubic feet to the Maria Conchita production.
Next we shifted over to SINU 9 and outline the work planned to bring those 4 wells into production in 2022, with an initial plan of 100 million cubic feet and then expand to 200 million cubic feet per annum as more wells are drilled in 2023. We also touch on new focus on light oil, from an old historic discovery, where the exploration team will be testing the western area where the Company believes there may be close to 1 billion barrels of oil with 25% recovery, so potentially 250 – 280 million barrels of light oil, and the company will be doing some wildcat drilling to follow up on the historic results.
If you have any follow up questions for Serafino regarding NG Energy, then please email us at Fleck@kereport.com or Shad@kereport.com.
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