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CruzSur Energy Provides Update on Re-Entry Activities on the Maria Conchita Block and Exploratory Program on the SN-9 Block
CruzSur Energy Provides Update on Re-Entry Activities on the Maria Conchita Block and Expl...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nCruzSur Energy Provides Update on Re-Entry Activities on the Maria Conchita Block and Exploratory Program on the SN-9 Block\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, BC, Aug. 19, 2020\n\n\n\nVANCOUVER, BC, Aug. 19, 2020 /CNW/ - Further to a prior press release issued on July 24, 2020, CruzSur Energy Corp. (the \"Company\" or \"CruzSur\") (TSXV: CZR) is pleased to announce that the Company is in the final stages of its re-entry activities on the Aruchara well, located in the Maria Conchita Block in the region of La Guajira in northern Colombia. More specifically, the repair of the well is now almost complete, and the Company will soon be in position to determine the quantity and quality of gas found. A comprehensive update will be provided by the Company at that time.\nCruzSur further announces that it expects to complete the necessary social and environmental licensing procedures to enable the development of a minimum exploratory program on the SN-9 Block located in Cordoba, Colombia. (the \"Project\"). SN-9 is 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.\nIn connection with the Project, the Company has arranged a two-year secured loan bearing interest at 15% per annum in the amount of USD$2.5M with various related and unrelated parties. The lenders have been granted a 3% royalty on the Company's 72% working interest in gross production from the SN-9 Block and have an option to convert the debt into another 3% overriding royalty on such working interest.\nAbout CruzSur Energy Corp. CruzSur Energy Corp. is a publicly traded E&P company focused on proven oil & gas plays in Latin America. The Company holds a large diversified portfolio of producing, development and unexploited assets in Colombia and Argentina where it will leverage its amplitude of technical expertise and proven track record building companies and creating value.\nForward-Looking Information\...