12:37 PM EDT, 04/02/2024 (MT Newswires) -- NG Energy International ( GASXF ) on Tuesday released its capital budget and production guidance for 2024.

TheColombian oil and gas producer said it expects to spend around US$25 million on capital projects this year with production expected to average around 30-million cubic feet of gas per day.

"After laying significant groundwork in both development and production in 2023, achieving over 200% production growth and over 500% in reserve growth, we look forward to another year of triple digit production growth in 2024 as we bring on-line the much-anticipated Phase 1 of our company's flagship Sinu-9 Block," chief executive Brian Paes-Bragasaid in a statement.

In addition to the Sinu-9 Block, NGE's production enhancing activities have been completed at the Maria Conchita Block, as well as a geophysics study on the H3/H4 fractured zones and an evaluation of various production growth development programs.

NG Energy ( GASXF ) shares were last seen down C$0.03 to C$0.92 on the TSX Venture Exchange.

Price: 0.92, Change: -0.03, Percent Change: -3.16