10:59 AM EST, 11/04/2024 (MT Newswires) -- NG Energy International ( GASXF ) was at last look on Monday up more than 6% after saying it has started production and sales from Sinu-9,

It noted that the Colombian authorities have officially registered and confirmed that Total Production Available for sale is 29.3 MMcf/d at Sinu-9 (19.5 MMcf/d from the Brujo-1X well and 9.8 MMcf/d from the Magico-1X well). And, it noted, Promigas S.A. E.S.P. has "successfully calibrated the Jobo connection point".

After completing the Brujo-1X well with three different zones based on the three drill stem tests (DSTs) that were carried out two years ago, NG has begun producing and selling gas from the lowest zone, and is currently producing 8.3 MMcf/d.

The company anticipates Sinu-9 production of 20-25 MMcf/d in November, 25-29.3 MMcf/d in December and near 29.3 MMcf/d by the end of the year.

NG Energy ( GASXF ) has also increased its line of credit facility with Macquarie Group by US$12 million, to US$25.6 million. Proceeds will be used to advance Sinu-9 expansion infrastructure. In return, the company will issue 5.7 million warrants to Macquarie. Each four-year warrant will entitle Macquarie to purchase one share at C$0.98.

NG Energy ( GASXF ) was last seen up $0.06, to $1.03, on the TSX Venture Exchange.

Price: 1.02, Change: +0.05, Percent Change: +5.15