12:16 PM EST, 03/05/2024 (MT Newswires) -- LNG Energy Group Corp. ( LNGNF ) Tuesday provided a 2024 Guidance and an operational update.

"2023 was focused upon the acquisition and financing of Lewis Energy Colombia, Inc., which closed in August 2023. In 2024, we are focused on the optimization of our existing portfolio of producing wells, including the new BO-5 well that encountered natural gas and oil in two formations. We are excited to expand on our early success and drive production growth in a capital efficient way," said Pablo Navarro, Chairman and Chief Executive Officer of the company, in a statement. "We remain very pleased with the natural gas market in Colombia, and its potential. Our production philosophy should allow us to maintain stable production while allowing us to meet our contractual obligations at attractive market prices. This will result in further equity value creation for all shareholders."

The company's guidance assumes that there will be demand coming from the interruptible gas sales market, including contractual downtime. The interruptible spot sales price assumes a total weight average natural gas sales price being approximately $7.5/Mcf at the wellhead.

In 2024, the company is planning to complete a five to six well workover program. This plan aims to both sustain and grow the existing gross production of 36 MMcf/d in the Bullerengue field (50% W.I.). Notable opportunities include the Bullerengue Oeste-4 and Bullerengue Oeste-5 wells, which together have the potential to bring on incremental natural gas production.

In 2024, the company is planning to drill one development well in the Bullerengue field.

In 2024, the company is planning to drill two to four exploration wells on the SSJN-1 and Perdices Blocks, targeting the Lower Porquero, Cienega de Oro and/or Chengue formations with the potential to unlock Prospective Resources.