07:40 AM EST, 11/25/2024 (MT Newswires) -- LNG Energy Group ( LNGNF ) on Monday announced the results of an interim independent reserves assessment conducted by Petrotech Engineering earlier this year.

Before tax evaluations include proved reserves of US$261 million for NPV10 of C$2.34 per share and proved plus probable reserves of US$393 million representing NPV10 of C$3.51 per share.

According to CFO Angel Roa, the interim reserves report only covers 16% of the existing well inventory for reactivations and considers no new locations.

The company also said that earlier this year, LNG Venezuela, entered into productive participation contracts with a subsidiary of the Venezuelan national oil company, to operate the Nipa-Nardo-Nieblas and the Budare-Elotes onshore Venezuela. LNG Venezuela has applied for a license from the U.S. government, to ensure that LNG Venezuela and its stakeholders, can operate the blocks in compliance with U.S. economic sanctions laws.