The Maria Conchita field is located in the Guajira Basin on Colombia’s Caribbean coast. The property neighbors one of the largest natural gas deposits in Colombia, the Chuchupa field, with more than 900 MMboe in reserves and accounting for 40% of Colombia’s daily natural gas output. The Ballena–Barrancabermeja pipeline is located just 14km from the Maria Conchita property and is one of several TGI networks servicing the country with Natural Gas. NG Energy has completed the connection point from Maria Conchita field to the TGI pipeline and commenced gas production in August of 2022.
Reserves and Prospective Resources
- 2P Reserves of 27.7 Bcf
- Best Estimate Gross Prospective Resources (prospects) Unrisked 155.9 Bcf (Risked 31.4 Bcf)
- Reserves and Resources report by Petrotech Engineering Ltd., an independent qualified reserves evaluator with an effective date of December 31, 2020 (the ” Report”)
NG Energy Commences Initial Gas Production
- The company completed the connection point to the Colombian National Gas Transportation System through TGI located in the Ballena – Barrancabermeja pipeline at La Guajira
- In August 2022 the Company initiated delivering gas from the Istanbul Platform where the Aruchara 1 and the Istanbul 1 wells are connected.
- The Company received an initial advance payment for the first 15 days of production from the María Conchita block. Energy Transitions S.A.S E.S.P. and Plus + SAS E.S.P.’s prepayment for the acquisition of 3.5 million standard cubic feet per day (MMSCFD) of gas at a price of US$5.08 / million British thermal unit (MMBTU), which totals US$277,368, for 80% of the gas production volume from the María Conchita field during this initial period.
- In accordance with the agreement with Energy Transitions S.A.S E.S.P. and Plus + SAS E.S.P. the Company will sell 80% of the total gas production from the Aruchara 1 and Istanbul 1 well estimated at 16 MMSCFD for an interruptible gas supply period until December 2022 for US$5.08.
- In December 2022, the Company will participate in entering in a firm uninterruptible gas contract. An uninterruptible gas contract should provide a stable contract at more favorable prices.
NG Energy International Corp
3123 – 595 Burrard Street
Vancouver, BC V7X 1J1