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UPSTREAM The main formations of interest show gener- NGX, stated “The re-entry of the Auruchara-1
ally good permeability and porosity with ranges well is the first in a five well program that the
President Energy from 15%-20%. The results so far therefore sup- Company has planned for the next two years –
port the pre-drill probable (P50) expectations two re-entry and two new wells. This discovery
announces drilling success both as to initial gas production (100,000 m3/d is a testament to the ability and expertise of the
being 588 boepd) and targeted reserves of 6 team that NGX Energy has assembled. We are
at LB-1001, Las Bases Bcf, but as always the key will be in the testing very happy to be commencing a new chapter
and reservoir performance under production in NGX’s existence as we look to turn the Com-
Concession, Argentina conditions. pany into a major producer of natural gas in
The drilling rig is now preparing to move Colombia.”
AIM-listed President Energy has provided an to the previously announced exploration well The Reserves Report: The Company’s
update in relation to its drilling operations in EVN-1, whilst the workover rig is now being reserves were independently evaluated by Petro-
Rio Negro, Argentina. moved to LB-1001 for completion and readiness tech Engineering Ltd., an independent qualifies
Highlights: Well LB-1001 drilled down to the for testing. Subject to the latter proceeding satis- reserves evaluator, in accordance with the defi-
TD of 1,700 metres on time and on budget; The factorily it is expected that the well will be put on nitions, standards and procedures contained in
well has now been logged and cased. The logging production by the end of November. the Canadian Oil and Gas Evaluation Handbook
results are in line with the anticipated probable President Energy, October 07 2020 maintained by the Society of Petroleum Evalu-
pre-drill estimates for reserves and production ation Engineers (Calgary Chapter) (COGEH)
potential (with targeted reserves of 6 Bcf and NGX Energy Announces and National Instrument 51-101 Standards
production of 100,000 m3/d being 588 boepd). for Disclosure of Oil and Gas Activities (“NI
The full suite of electrical logs and pressure point Receipt of Reserves 51-101”) with an effective date of August
tests indicate net gas pay of 54 metres over six 31, 2020. Additional reserve information as
formations with overall good permeability and Report on Maria Conchita required under NI 51-101 will be included in the
porosity. The Rig is now moving to the next well Company’s NI 51-101F1 to be filed on SEDAR in
with the workover rig due to come complete the Block in Colombia 2021 along with the Company’s other annual fil-
well shortly. Subject to successful testing the ings. See “Advisory Note Regarding Oil and Gas
well is expected to be on production by the end NGX Energy International Corp. (formerly Information” section in the “Advisories”, at the
of next month. CruzSur Energy Corp.) announced today the end of this news release.
Drilling programme: The LB-1001 devel- receipt of a gas reserves evaluation report (the NGX Energy International Corp. is a publicly
opment well has now been drilled to the target Reserves Report) prepared following the dis- traded E&P company on a mission to provide
depth of 1,700 metres. A full suite of open hole covery of gas after the repair of the Aruchara-1 a clean and sustainable solution to Colombia’s
electronic logging has been performed and the well at its Maria Conchita Block in the Onshore energy needs. The Company intends on execut-
well was then successfully cased and cemented. Guajira Basin in Colombia. The Reserves Report ing this mission by producing and bringing gas
Costs for the well drilled, cased, completed and reports total Proved + Probable (2P) Undevel- to the premium priced Colombian gas market
tested are expected to be within the US$1.9m oped Reserves of 34,582 MMcf, with net Proved from its concessions, SN-9, a 311,353 acres block
budget. The electronic logs indicate a total of Undeveloped Reserves of 11,727 MMcf and net which is adjacent to Canacol’s Nelson field, as
54 metres of net gas pay spread of 6 formations Probable Undeveloped Reserves of 14,131 MMcf well Maria Conchita, a 32,518 acre block located
which are in line with pre-drill expectations and for a total of net Proved + Probable Undeveloped in the region of La Guajira. NGX’s team has
likewise in line with the offset former producing (2P) Reserves of 25,859 MMcf. extensive technical expertise and a proven track
well of LB-x1. Serafino Iacono, Chief Executive Officer of record of building companies and creating value
in South America.
NGX Energy, October 02 2020
Petrobras comments on

natural gas pipeline and

processing plants

Petrobras informs that together with Petrogal
Brasil, Repsol Sinopec Brasil and Shell Brasil,
partners in the offshore routes in the pre-salt
Santos Basin, will announce contracts for shar-
ing the natural gas pipeline and processing
plants.
Today, a virtual event will be held with the
presence of Petrobras’ CEO, Roberto Castello
Branco, and the global executives of Royal Dutch
Shell, Ben van Beurden, Galp Energia, Carlos
Gomes da Silva, and Repsol, José Carlos Vicente
Bravo, to formalize the construction of a more
competitive natural gas market.

P20 www. NEWSBASE .com Week 40 08•October•2020