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CruzSur Energy Commences Exploration at SN-9 Block in the Lower Magdalena Basin and Updates on Other Assets in Colombia and Argentina
CruzSur Energy Commences Exploration at SN-9 Block in the Lower Magdalena Basin and Update...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nCruzSur Energy Commences Exploration at SN-9 Block in the Lower Magdalena Basin and Updates on Other Assets in Colombia and Argentina\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 1, 2019\n\n\n\nVANCOUVER, Aug. 1, 2019 /CNW/ - CruzSur Energy Corp. (the \"Company\" or \"CruzSur\") (TSXV: CZR), a growth-oriented oil and gas venture with significant assets in Latin America, has commenced a US$22 million phased development program at Sinu-9 (SN-9), a high-priority Colombian natural gas prospect, and is pleased to provide an update on other projects.\nCOLOMBIA\nSinu-9 (SN-9)\nSN-9 is an 18,000 acre project located in the Lower Magdalena basin, a prolific hydrocarbon producing region near the Caribbean coast. CruzSur holds a 72% interest in the SN-9 block, which is adjacent to Canacol Energy's Esperanza block.\nThe Company believes SN-9 could be an important new source of natural gas in Colombia at a time of market imbalance caused by steep decline rates at the country's main producing fields, Chuchupa-Ballena and La Creciente. Additionally, delays at the 2500 MW Hidroltuango project are exacerbating demand for thermal energy generation, which is mainly produced with natural gas. LNG import prices in northern Colombia exceed $10/MMBTU. Through a phased approach, CruzSur expects to grow reserves and provide a more stable supply of natural gas in the country.\nPhase 1 will see the finalization of environmental and prior consulting processes, well seismic, the re-entry of Hechizo-1 well and two exploration wells.\nPhase 2 will focus on evaluating the Magico and Milagroso areas, including acquiring 3D seismic and drilling two additional exploration wells.\nExperienced environmental impact specialist Consultoría y Medio Ambiente S.A. (C&MA), has been engaged to obtain all necessary permits and licenses to commence exploration on the block. Community relations activities will be carried out by Aventtus S.A.S, a firm with extensive consultation experience with communities in the area.\nDrilling rigs are expected on site in Q1...