NG Energy International ( (TSE:GASX) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
NG Energy International’s stock is on the rise following the company’s announcement of successful production from its Magico-1X and Brujo-1X wells at the Sinu-9 site. The production volumes have exceeded expectations, and the company plans to significantly increase capacity by early Q3 2025. Additionally, NG Energy reported a substantial increase in its year-end reserves and resources for 2024, thanks to infrastructure improvements and favorable natural gas price forecasts in Colombia. These positive developments have positioned the company as a key player in the Colombian natural gas market, despite previous challenges such as high leverage and a lack of profitability, which had contributed to a 23.89% decline in stock price earlier this year. NG Energy is now looking to capitalize on the regional supply shortage and high prices by ramping up drilling activities in 2025.
More about NG Energy International
YTD Price Performance: -23.89%
Average Trading Volume: 169,232
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$221.7M
For further insights into GASX stock on TipRanks’ Stock Analysis page.
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