Definitive agreement signed to sell 40% operating working interest in Sinu-9 to Maurel & Prom for US$150 million, retaining a 32% working interest
551% YOY inrease in 3P reserves, 314% YOY increase in 2P reserves and 241% YOY increase in 1P reserves with only 4 wells drilled to date
> US$8 / MMBtu average Colombian spot market pricing in 2024
Business model with a veteran management team and board with extensive capital markets and in-country operating experience
SINU-9 is a large development gas field located in the Sinu San Jacinto basin and connected into the Promigas pipeline with direct access to the coastal urban and industrial areas in the north of Colombia. Gross proven plus probable (2P) and proven plus probable plus possible (3P) reserves of respectively 158.8 bcf and 340.8 bcf as of 31 December 2023. Current infrastructure in place for gross production of up to 40 MMcf/d with further development expected to increase production beyond this initial level. The block is fully permitted with Environmental Approval granted by the National Authority of Environmental Licences (ANLA) to drill 22 wells from 11 locations.
NGE has entered into a definitive agreement to sell a 40% operating working interest, retaining a 32% working interest, in Sinu-9 to Maurel & Prom for total cash consideration of US$150,000,000. Maurel & Prom is a globally recognized upstream energy company headquartered in Paris, supported by its controlling shareholder Pertamina, the state oil company of Indonesia, with almost two centuries of operating experience across Africa, Latin America and Europe. The Transaction significantly de-risks the development and demonstrates the value of Sinu-9, securing a strong, well-capitalized operating partner with a proven track record in technical and operational excellence.
311,353
Development
245.3 BCF (USD $331.0M NPV10)
130.2 BCF (USD $78.5M NPV10)
* as of December 31, 2023 based on existing 72% working interest, subject to change at closing of M&P transaction
Maria Conchita is NG Energy's first producing gas field located in the Department of La Guajira. After successfully re-entering the Aruchara-1 well in July 2020, the Company reached commercial production in August 2022 and in August 2023 successfully drilled Aruchara-3, encountering 570 feet of net gas pay. Maria Conchita had average gross production volumes of 15.0 MMcf/d in Q3-2024. The Company’s focus in 2025 is on production enhancing activities and completing a geophysics study on the newly encountered fractured H3 and H4 zones, as part of a key re-scoping initiative following up on the 65.2 MMcf/d test at the Aruchara-3 well. In parallel, the Company will be evaluating different scenarios to increase pipeline capacity at Maria Conchita and intends to drill Aruchara-4 in Q1-2025.
32,518
Production
59.5 BCF (USD $135.8M NPV10)
65.6 BCF (USD $69.9M NPV10)
Toronto Venture Exchange
OTC Markets Group
German Exchanges
Issued & Outstanding
Fully Diluted
Insider Ownership
I agree to and consent to receive news, updates, and other communications by way of commercial electronic messages (including email) from NG Energy International Corp. I understand I may withdraw consent at any time by clicking the unsubscribe link contained in all emails from NG Energy International Corp.
NG Energy International Corp.
Suite 800, 365 Bay Street
Toronto, ON
Canada M5H 2V1
[email protected]
