LNG Group Declared Sales and Drilling Update

SEATTLE (Oil Monster): The LNG Energy Group declared update on natural gas selling and drilling.

According to company press release, it expects the net natural gas sales for the month of August 2023 at around 19.2 million cubic feet equivalent per day (MMcfe/d). This is significantly higher by 19% when matched with the same month a year before. This would lift the year-to-date net sales in 2023 to 18.6 MMcfe/d, higher by 15% from the same period in 2022.

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Also, natural gas production accounted for nearly 93% of the total sales volume during Jan-Aug ’23.

The company will begin realizing natural gas sales at prices in the range of $8.30/Mcf to $8.50/Mcf in the last month of the year. The contracted volumes for the upcoming year stands at 18 MMcf/d at a weighted average price of $7.52/Mcf, it said.

In its latest drilling update, LNG Energy Group noted that it hopes to launch drilling and workover campaign in the SSJN-1 and Perdices blocks next month. This comprises of a minimum of three wells, the first of which will be the Bullerengue Oeste 5 (BO5) well in SSJN1 block. 

Pablo Navarro, Chairman and Chief Executive Officer of LNG Energy Group noted that Colombia is witnessing very strong fundamentals in the natural gas sector and that the company looks forward to grow its base in the region.