11:27 AM EDT, 04/30/2024 (MT Newswires) -- LNG Energy Group ( LNGNF ) was last seen down 6.5% after the company on Tuesday reported a fourth-quarter loss of US$19.6 million on sales of US$9.5 million.

The South American natural-gas producer said it lost US$1.1 million and sales of US$13.6 million, respectively since competing a reverse takeover of Mind Cure Health in August, 2023, and listing its shares in September of last year.

LNG reported production before royalties of 18,057 thousand cubic feet of natural gas per day and 193 barrels per day of condensate. The company said it has realized sales volumes before royalties of 17,931 mcfpd and 191 bpd condensate.

The company reported fourth-quarter operating netbacks of US$4.44 per thousand cubic feet of natural gas and US$64.75 per barrel of condensates.

The company also provided an update on its plans for Colombia and Venezuela in 2024.

For Colombia, the company expects to complete a workover and optimization program targeting four to six wells; drill one development well in the producing Bullerengue field in the Sinu-San Jacinto-1 Block; drill two to four exploration wells in the SSJN-1 and Perdices Blocks; continuing to evaluate and support the company's commitment to environmental, social and governance initiatives; and the repayment of its indebtedness and strengthening of its capital and liquidity resources.

In Venezuela, the company said it will assess the applicability of License 44A to its intended operations in Venezuela and determine the most appropriate course of action. LNG plans to operate in full compliance with the applicable sanction regimes.

The company's shares were last seen down C$0.025 to C$0.36 on the TSX Venture Exchange.

Price: 0.36, Change: -0.03, Percent Change: -6.49