Mining & Metals
NG Energy Up 14% As Announces "Significant" New Gas Discovery In Colombia, Graduating To TSX This Week
NG Energy International (GASX.V) was up 14% early Tuesday after it reported "positive" results from the Hechicero-1X well on the Sinu-9 Block in Colombia, an update on drilling operations at the Maria Conchita Block, and the graduation of the company's common shares to the Toronto Stock Exchange, effective April 30, 2026.The company holds a 39% non-operating working interest in Sinu-9 and operates the Maria Conchita Block with an 80% working interest, Tuesday's statement noted.Among highlights, a pre-CDO-San Cayetano interval was discovered during drilling of the Hechicero-1X well with a net pay of 103 ft, said the company, adding initial well tests from this interval delivered a production rate of 26.4 MMcf/d on a 43/128 choke with 1,800 psi well-head pressure.Natural gas was also confirmed through electric log analysis at multiple intervals within the shallower CDO formation and Porquero formation, with a net pay of 288 ft and 149 ft respectively, which is consistent with results at the Magico-1X and Brujo-1X wells, said the company.Current transportation capacity of 30 MMcf/d at Sinu-9 is anticipated to be filled by the combination of Hechicero-1X and the wells already on production, said the company. The initial 18-kilometre pipeline loop is expected to increase capacity to 40 MMcf/d by the end of May 2026, it added.Drilling of the Aruchara-5 well is "on schedule and on budget" at Maria Conchita, the company said.The company said it received a scheduled US$42.5 million cash payment from the M&P transaction in April 2026, with an additional US$42.5 million to be received in July 2026, and remains fully funded for all ongoing capital projects. It received C$7.4 million in cash from warrant and option exercises since the beginning of the year.In connection with the listing on the TSX, its common shares, debentures and warrants will be voluntarily delisted from the TSX Venture Exchange at the close of markets on April 29, 2026. Its trading symbols for the common shares, debentures and warrants will remain "GASX", "GASX.DB" and "GASX.WT.A", respectively.
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