LNG Energy reports 2024 objectives

The company said, “For the remainder of 2024, LNG Energy Group is focused on the following objectives: Colombia In Colombia, the Company expects to complete the following: a workover and optimization program targeting four to six wells; drill one development well in the producing Bullerengue field in the Sinu-San Jacinto-1 Block; drill two to four exploration wells in the SSJN-1 and Perdices Blocks; continuing to evaluate and strengthen the Corporations’s commitment to environmental, social and governance initiatives; and the repayment of its indebtedness and strengthening of its capital and liquidity resources. For more information, please see the Company’s news release dated March 5, 2024. Venezuela: On April 17, 2024, LNG Energy Group’s wholly own subsidiary, LNGEG Growth I Corp. was conditionally entered into a binding agreement with PDVSA Petroleo S.A., a subsidiary of Petroleos de Venezuela S.A., the Venezuelan national oil company, for the operation of the Nipa-Nardo-Niebla and the Budare-Elotes CPPs in onshore Venezuela. These Blocks are currently producing 3,000 bbl/d of light and medium oil. The CPPs were executed within the term of General License 44 issued by the US Office of Foreign Assets Control. License 44 has been replaced by License 44A requiring US persons to wind down oil operations in Venezuela before May 31, 2024. The Corporation will assess in the coming days the applicability of License 44A to its intended operations in Venezuela and determine the most appropriate course of action. The Corporation intends to operate in full compliance with the applicable sanction regimes. For more information, please see the Company’s news release dated April 24, 2024.”