Highlights 

• 314% increase to 2P reserves to Company gross 161.6 BCF for before tax NPV10 of US$259.7 million
• 551% increase to 3P reserves to Company gross 304.8 BCF for before tax NPV10 of US$466.8 million
• Company gross unrisked best estimate contingent resources of 195.8 BCF for before-tax NPV10 of US$148.4 million
• Company gross unrisked best estimate prospective resources of 184.0 BCF for before-tax NPV10 of US$300.5 million
• Production at Maria Conchita has increased to 18 MMcf/d with 100% of gas volumes being sold

NG Energy International announces that, with its partners Olympo and Duemav in the Maria Conchita Block and with Clean Energy and Oleum in the SN9 Block, it has increased reserves at both Maria Conchita and Sinu-9 as part of an updated independent analysis by Sproule International Limited. The updated reserves and resources incorporate the recently drilled Aruchara-3 well at Maria Conchita which includes the newly encountered section in zone H4 in addition to zones H1 and H2 and finalized plans for construction of infrastructure at Sinu-9.

Highlights

Sinu-9 Block:

• Company gross Proved (1P) reserves of 26.7 BCF (37.0 BCF project gross) of natural gas for before-tax NPV10 of US$22.0 million;
• Company gross Proved + Probable (2P) reserves of 114.36 BCF (158.8 BCF project gross) of natural gas for before-tax NPV10 of US$150.3 million;
• Company gross Proved + Probable + Possible (3P) reserves of 245.3 BCF (340.8 BCF project gross) of natural gas for before-tax NPV10 of US$331.0 million;
• Company gross unrisked best estimate contingent resources (development pending) of 130.2 BCF for before-tax NPV10 of US$78.5 million; and
• Company gross unrisked best estimate prospective resources of 131.0 BCF for before-tax NPV10 of US$264.4 million.

Maria Conchita Block:

• Company gross Proved (1P) reserves of 25.0 BCF (31.3 BCF project gross) of natural gas and 50 MBBL (63 MBBL project gross) of condensate for before-tax NPV10 of US$75.4 million;
• Company gross Proved + Probable (2P) reserves of 47.2 BCF (59.0 BCF project gross) of natural gas and 75 MBBL (94 MBBL project gross) of condensate for before-tax NPV10 of US$109.4 million;
• Company gross Proved + Probable + Possible (3P) reserves of 59.5 BCF (74.3 BCF project gross) of natural gas and 94 MBBL (117 MBBL project gross) of condensate for before-tax NPV10 of US$135.8 million;
• Company gross unrisked best estimate contingent resources (development pending) of 65.6 BCF for before-tax NPV10 of US$69.9 million; and
• Company gross unrisked best estimate prospective resources (prospects) of 53.0 BCF for beforetax NPV10 of US$36.0 million. 

Serafino Iacono, CEO of NGE, commented: 
“We are very pleased to have our two greatest accomplishments of the year reflected in our reserves and resources report. The report validates the incredible achievements by our team and our partners after encountering a new naturally fractured natural gas bearing section in the drilling of Aruchara-3 and finalizing contracts to build production infrastructure at Sinu-9. We look forward to continuing to grow these numbers in 2024 as we aim to achieve significant free cash flow by the end of next year.” 

KeyFacts Energy: NG Energy Colombia country profile