LNG Energy Group Announces Discovery In The Bo-5 Well

Highlights:

• The Bullerengue Oeste-5 (BO-5) well, located on the SSJN-1 block, encountered natural gas and oil pays at both the Chengue and Lower Porquero formations.
• The Company is currently performing the initial production tests.
• Production from the BO-5 well is already connected to the Bullerengue field facilities, allowing the Company to deliver the volumes from this well to the market.
  

TORONTO, Dec. 14, 2023 (GLOBE NEWSWIRE) -- LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: E26) (the “Company” or “LNG Energy Group”) is pleased to announce that its wholly owned subsidiary, Lewis Energy Colombia, Inc. (“LEC”) along with Hocol, S.A. (a subsidiary company of Ecopetrol, S.A.) (“Hocol”), spudded the Bullerengue Oeste-5 (“BO-5”) well on October 1, 2023 at the Sinú San Jacinto Norte 1 block (“SSJN-1”), crossing the Lower Porquero formation and targeting the Chengue formation, and ultimately reaching a total depth of 7,542 feet measured depth (“MD”) on October 22, 2023. The Company currently has production from multiple wells from both formations. The Company has a 50% working interest in the SSJN-1 block and Hocol has the remaining 50% working interest.

The Company has conducted production tests in the Chengue formation for 30 continuous days, delivering approximately 1.0 to 2.5 MMcf/d of natural gas and 30 to 80 bbl/d of oil at up to 21°API. The production tests have been performed at chokes between 18/64 and 22/64 inches. The BO-5 well is already connected to the existing Bullerengue field facilities and volumes can be delivered to the market.

“We are extremely pleased to announce we have successfully drilled the BO-5 well, proving the presence of gas and oil at the northwest, undrilled compartment of the Bullerengue field. This discovery is important because it allows for the identification of a new accumulation of crude oil and gas to the west of the existing Bullerengue field in the hanging block of the normal fault, which is considered the main limit of the field. This discovery, which is associated with a structure near the Bullerengue field, should allow for the addition of new gas and crude oil reserves,” commented Pablo Navarro, Chairman and Chief Executive Officer of the Company. “The presence of both natural gas and oil production is very promising in terms of short- and long-term production growth opportunities. Our hats go off to the LEC and Lewis Energy Group teams as well as to our partner Hocol for making this a success.”

About LNG Energy Group

The Company is focused on the acquisition and development of natural gas production and exploration assets in Latin America. For more information, please visit www.lngenergygroup.com.

LNG Energy Group Corp.
James Morris, Vice-President, Business Development and Investor Relations
Email: investor.relations@lngenergygroup.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “might”, “should” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, factors may occur which impede or prevent LNG Energy Group’s future business plans; and other factors beyond the control of LNG Energy Group. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, LNG Energy Group assumes no obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law. Production and flow testing may not be indicative of long-term well performance or future production rates.

Definitions:

“bbl/d” means barrels of oil per day.

“MMcf/d” means million cubic feet of natural gas per day.