Page 17 - LatAmOil Week 20 2022

LatAmOil NEWS IN BRIEF LatAmOil

The Company purchased $40mn in local Tapir Block in the Llanos Basin of Colombia. providing further updates on our progress.”
services. The RCE-2 well was spud on April 2, 2022. The RCE-2 well costs came in line with the
Governance: Due to its leadership and com- RCE-2 targeted a large, three-way fault bounded budget.
mitment in ethics and compliance, Frontera was structure with multiple high-quality reservoir Continued strong production rates from
first recognized by Ethisphere Institute in 2021 objectives on the Tapir Block in the Llanos Basin existing tied-in wells combined with the
as one of the 2021 World’s most ethical compa- of Colombia. The well was drilled to a total encouraging results from new drills in Colum-
nies. Ethisphere is a global leader in defining and measured depth of 9,600 feet (2,930 metres) and bia support the Company’s objective of achiev-
advancing the standards of ethical business prac- encountered six hydrocarbon bearing intervals ing a production rate of 3,000 boepd within 18
tices. Frontera was one of only three honorees in totaling 90 net feet (27.3 net metres) of oil pay. months of its AIM listing (completed in October
the Oil and Gas and Renewables category and Specific production test rates for the isolated 2021).
joined 134 global companies, from 22 countries zones (shallowest to deepest) include: Carbon- Arrow Exploration, May 18 2022
and 47 industries recognized by Ethisphere in era C7 and C7 Stringer: tested 2,000 bpd (net
2021. 1,000 bpd) peak rate of 28 degrees API crude. NG Energy receives initial
Frontera’s 2022 Environmental, Social and The zone was tested for 19 hours at an average
Governance Goals: As part of its 2021 Sustain- rate of 1,199 bpd (net 600 bpd). prepayment for 15 days of
ability Report, Frontera published its ESG goals Gacheta C, C1 and C2: initial testing indi-
for 2022. Frontera will report its progress in cates productive capacity of 300 bpd (net 150 gas production from Maria
achieving its 2022 goals in its 2022 Sustainability bpd) rate of 27 API crude. The zone was tested
Report which it anticipates publishing in May for 14 hours at an average rate of 115 bpd (net Conchita
2023. 58 bpd). Reserves have not been assigned to this
About Frontera: Frontera Energy is a Cana- zone previously. NG Energy International Corp. is pleased to
dian public company involved in the explora- Gacheta D: tested 680 bpd (net 340 bpd) peak announce that the Company has received an
tion, development, production, transportation, rate of 14 degrees API crude. The zone was tested initial advance payment for the first 15 days of
storage and sale of oil and natural gas in South for 33 hours at an average rate of 362 bpd (net production from the María Conchita block.
America, including related investments in both 181 bpd). Energy Transitions S.A.S E.S.P. and Plus + SAS
upstream and midstream facilities. The Com- Test results are not necessarily indicative of ESP’s prepayment for the acquisition of 3.5mn
pany has a diversified portfolio of assets with long-term performance or ultimate recovery. cubic feet (99,110 cubic metres) per day of gas at
interests in 34 exploration and production Marshall Abbott, CEO of Arrow, com- a price of $5.08 per million British thermal unit
blocks in Colombia, Ecuador and Guyana, and mented: “We’re encouraged by the material (mmBTU), totals $277,368.00, for 80% of the gas
pipeline and port facilities in Colombia. Fron- results of RCE-2, the second well on the Tapir production volume from the María Conchita
tera is committed to conducting business safely block. RCE-2 identified new zones for further field during this initial period.
and in a socially, environmentally and ethically exploitation with flowing results returning better The initial quantity to flow for the first 15
responsible manner. than expected. days of production in order to not stress the
Frontera Energy, May 18 2022 “We’re currently completing the C7 zone, future performance of the wells and maximize
targeting to be on stream early next week. This long term operations is 3.5 mcf (99,110 cubic
effectively doubles Arrow’s production. The metres) per day. After the initial 15 days of pro-
PROJECTS & COMPANIES Company’s procedures will be to bring RCE-2 on duction and throughout the interruptible con-
slowly and increase production to best manage tract period, the Company expects to increase
Arrow Exploration the oil reservoir. production to 16 mcf (453,100 cubic metres) per
“We are now moving the rig to our next well day.
announces test results location, the RCS-1 well, which is expected to CEO of NGE, Serafino Iacono, commented:
spud before the end of May. Arrow’s current “This initial prepayment marks a major mile-
of RCE-2 well production exceeds 1,000 boepd, producing stone for the Company as it begins to monetise
positive cashflow for the Company during a its gas. We look forward to keeping our share-
Arrow Exploration has announced the results of high commodity price environment. This is an holders and the market informed as gas begins to
the Rio Cravo Este-2 (RCE-2) well testing on the exciting time for Arrow, and we look forward to flow and we increase production to the targeted
16 mcf [453,100 cubic metres] per day.”
About NG Energy International Corp.: NG
Energy International Corp. is a publicly traded
E&P company on a mission to provide a clean
and sustainable solution to Colombia’s energy
needs. The Company intends on executing this
mission by producing and bringing gas to the
premium priced Colombian gas market from its
concessions, SN-9, a 311,353-acre block which
is adjacent to Canacol’s Nelson field, as well as
Maria Conchita, a 32,518-acre block located
in the region of La Guajira. NGE’s team has
extensive technical expertise and a proven track
record of building companies and creating value
in South America.
NG Energy International, May 18 2022

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