LNG Energy Group Corp (TSX-V:LNGE)
Shares Issued 155,108,066
Last Close 9/25/2023 $0.39
Tuesday September 26 2023 - News Release
Mr. Pablo Navarro reports
LNG ENERGY GROUP PROVIDES SALES AND DRILLING UPDATE
LNG Energy Group Corp. has provided the following natural gas sales and drilling update.
19.2 million cubic feet equivalent per day ("MMcfe/d") of net natural gas sales for the month of August 2023 and 18.6 MMcfe/d year-to-date, which represents 19% and 15% growth in net volumes over the same periods in 2022, respectively.
Approximately 93% of total sales volumes from January-August 2023 were derived from natural gas production.
In December 2023, the Company will begin realizing natural gas sales at prices ranging from U.S.$8.30/Mcf to U.S.$8.50/Mcf.
In 2024, total contracted volumes of 18 MMcf/d at a weighted average price of U.S.$7.52/Mcf.
"Colombia is seeing very strong fundamentals in the natural gas sector due to current supply - demand dynamics in the country," commented Pablo Navarro, Chairman and Chief Executive Officer of LNG Energy Group. "We look forward to growing our Colombian natural gas production base and working with our local stakeholders to continue to provide consistent production to our customers."
Commencing in December 2023, the Company will begin realizing natural gas sales at prices ranging from U.S.$8.30/Mcf to U.S.$8.50/Mcf from new take-or-pay natural gas contracts with durations of four to five years.
The Company anticipates launching its drilling and workover campaign in the SSJN-1 and Perdices blocks starting in October 2023, which includes a minimum of three wells. The first well to be drilled will be the Bullerengue Oeste 5 (BO5) well in SSJN1 block.
About LNG Energy Group
The Company is focused on the acquisition and development of natural gas production and exploration assets in Latin America. For more information, please visit www.lngenergygroup.com.
We seek Safe Harbor.