- NG Energy International Corp. (GASX) has signed an agreement with Plus+ Energy E.S.P. for the natural gas produced from wells at the Maria Conchita block
- NG is a publicly traded company providing clean and sustainable solutions to Colombia
- NG will sell up to 8,000 million British thermal units (MMBTU) per day
- It expects to deliver the amount between January 2023 and February 2026, with a fixed price of US$6.50 per MMBTU
- NG Energy International Corp. (GASX) is up 3.75 per cent and is trading at $0.83 per share as of 1:25 p.m. ET
NG Energy International Corp. (GASX) has signed an agreement with Plus+ Energy E.S.P.
The agreement is for the natural gas produced from the Aruchara-1 well and future wells at the Maria Conchita block.
NG is a publicly traded company providing clean and sustainable solutions to Colombia’s energy needs.
NG will sell up to 8,000 million British thermal units (MMBTU) per day on a firm volume purchase agreement, or the equivalent volume matching NG’s 80 per cent interest in the Maria Conchita block’s production.
The company expects to deliver the amount between January 2023 and February 2026, with a fixed price of US$6.50 per MMBTU.
Serafino Iacono, CEO of NG, commented,
“We are very pleased to have received a binding letter of intent for the sale of our gas from Maria Conchita and look forward to fulfilling further demand from the country of Colombia as we develop more wells at both our Maria Conchita and SINU-9 blocks.”
NG is already producing 4,355 MMBTU per day from the Maria Conchita block performance and expects to increase its production to 20,740 MMBTU per day. It has been selling gas at a contract price of US$5.08 per MMBTU to Grupo Vanti and Enel Colombia.
NG Energy International Corp. (GASX) is up 3.75 per cent and is trading at $0.83 per share as of 1:25 p.m. ET.
