CALGARY, AB, Aug. 27, 2024 /CNW/ - NG Energy International Corp. ("NGE" or the "Company") (TSXV:GASX) (OTCQX:GASXF) is pleased to announce that it has filed its financial results for the three and six months ended June 30, 2024. The Company's consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2024 are available on the Company's profile on SEDAR+ (www.sedarplus.ca).
Second Quarter Financial Highlights:
The Company achieved quarterly revenue of US$10.2 million versus US$2.8 million in the second quarter of 2023, a 262% increase YOY;
The Company achieved quarterly cash flow from operations of US$2.6 million versus US$(0.8) million in the second quarter of 2023, a 431% increase YOY;
The Company achieved record quarterly funds flow from operations of US$4.2 million versus US$0.1 million in the second quarter of 2023, a 7601% increase YOY;
The Company achieved average net production of 13.8 MMcf/d during the quarter versus average net production of 5.7 MMcf/d in the second quarter of 2023, a 142% increase YOY;
The Company achieved an operating netback of US$5.28 per Mcf during the quarter versus an operating netback of US$3.48 in the second quarter of 2023; and
The Company achieved operating income of US$6.8 million versus $1.9 million in the second quarter of 2023, a 249% increase YOY.
First Half Financial Highlights:
The Company achieved first half revenue of US$20.4 million versus US$4.9 million in the first half of 2023, a 316% increase YOY;
The Company achieved first half cash flow from operations of US$9.9 million versus US$(1.2) million in the first half of 2023; a 907% increase YOY;
The Company achieved record first half funds flow from operations of US$10.0 million versus US$(0.4) million in the first half of 2023, a 2878% increase YOY;
The Company achieved 2024 first half average net production of 13.9 MMcf/d versus 5.1 MMcf/d in the first half of 2023, a 172% increase YOY;
The Company achieved a first half operating netback of US$5.54 versus US$3.20 in the first half of 2023; and
The Company achieved first half operating income of US$14.2 million versus $3.1 million in the first half of 2023, a 363% increase YOY.
Jorge Fonseca, CFO of NGE commented "We're pleased to build on a strong Q1 and deliver significant year-over-year growth across revenue, cash flow from operations, funds flow and operating income in the first half of 2024. The business continues to deliver over 65% operating profit margin as we experience strong prices for our natural gas as the marketplace continues to experience short supply, driving compelling economics for our fast-growing business."
About NG Energy International Corp.
NG Energy International Corp. is a growth-orientated natural gas exploration and production company focused on delivering long-term shareholder and stakeholder value through the discovery, delineation and development of large-scale natural gas fields in developing countries, supporting energy transition and economic growth. NGE's team has extensive technical and capital markets expertise with a proven track record of building companies and creating significant value in South America. In Colombia, the Company is executing on this mission with a rapidly growing production base and an industry-leading growth trajectory, delivering natural gas into the premium-priced Colombian marketplace (~US$8/MMBtu) with projected triple digit production growth over the next 2-3 years towards a production goal of 200 MMcf/d. The Company expects to achieve >150% increase in 2024 and has seen a 551% year-over-year increase in 3P reserves, 314% year-over-year increase in 2P reserves and 241% increase in 1P reserves. To date, over US$100 million has been invested in the exploration and development of Sinu-9 and Maria Conchita with significant contributions from insiders who currently own approximately 34% of the Company. Recently, Macquarie Group provided financing of up to US$100 million, including initial committed funding of US$50 million, resulting in a fully-funded 2024/2025 development plan and aligning NGE with a global financial institution. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.ngenergyintl.com).
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning ...
