NG Energy International Corp (OTCMKTS:GASXF) Stock Gains Momentum: Here is Why

NG Energy International Corp (OTCMKTS:GASXF) on October 20, 2022, announced the successful drilling of the Brujo-1x well at a final total depth of 8,019 feet in the Lower Magdalena Basin. This was located within the SN-9 Block, which encountered 680 feet of the net gas-bearing zone in the Cienaga de Oro formation. Furthermore, at 103 feet in the Porquero formation, there were about 783 feet of net gas pay. NG Energy International Corp is engaged in developing Sinu-9 E&P Contracts and agreements with CleanEnergy Resources.

Trading Data

On Thursday, GASXF stock moved up 14.74% to $0.6487 with more than 64.90K shares traded, compared to volume of 25.84K shares. The stock moved within a range of $0.6200 – 0.7029 after opening trading at $0.6500.

Ng Energy Encounters 783 Feet Net Gas Pay In Brujo-1x Exploration Well

The firm aims to commence testing seven zones in the Brujo-1x well. A number of Drillstem Tests would be conducted for finishing the well to achieve the highest possible stable production. The firm aims to continue with the spudding of Hechicero exploration well upon completion of the analysis. This well has received approval from Agencia Nacional de Hidrocarburos.

Serafino Iacono, Chief Executive Officer of NGE expressed excitement about the potential size of the results. Iacono added that it will enable the firm to redefine expectations of the complete block potential. The CEO further stated that the company is looking to provide more updates on testing as the work moves ahead.

NG Energy International Corp, a publicly traded E&P company, is on a mission to provide a sustainable and clean solution to Colombia’s energy needs.

Key Quote

Serafino Iacono, Chief Executive Officer of NGE, commented: “We are very excited by the potential magnitude of these results. This will allow the Company to redefine the expectations of the full block potential. The Company looks forward to providing further updates on well testing as this work progresses.”

Technical Data

GASXF stock is trading above the 20-Day and 50-Day Moving averages of $1.23 and $1.29 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.16.