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 ...
