Financial and Operational Results of LNG Energy Group Corp. for the First Quarter of 2024

LNG Energy Group Corp. (TSXV: LNGE) has recently announced its financial and operating results for the first quarter of 2024, showcasing impressive numbers and strategic moves that position the company for growth and success.

The company reported operating netbacks of U.S.$5.28/Mcf natural gas and $56.58/bbl condensate ($31.23/boe), demonstrating strong profitability in its operations. Additionally, LNG Energy Group Corp. has successfully repaid $8.9 million in senior bank indebtedness to date, showcasing its commitment to financial stability and debt reduction.

Moreover, the company has been conditionally awarded two Productive Participation Contracts (“CPPs”) to develop and produce hydrocarbons in Venezuela, marking a significant milestone in its expansion strategy. This move provides LNG Energy Group with a valuable opportunity to tap into one of the most prolific hydrocarbon provinces in the world.

Pablo Navarro, Chief Executive Officer and Chairman of LNG Energy Group Corp., expressed optimism about the company’s future, stating, “In 2024, we continue to focus on growing the production of our Colombian portfolio in a capital-efficient manner. We have also entered into two CPPs in Venezuela, providing LNG Energy Group with a tremendous opportunity in one of the most prolific hydrocarbon provinces in the world.”

The company’s first-quarter financial and operating results were also impressive, with production before royalties of 17,817 Mcf/d natural gas and 145 bbl/d condensate (3,270 boe/d). Adjusted EBITDAX reached $5.9 million, and sales revenues net of royalties amounted to $9.9 million. Despite a net loss of $5.5 million, LNG Energy Group Corp. remains focused on capital efficiency and operational excellence.

Looking ahead, LNG Energy Group Corp. is embarking on a workover and optimization program in 2024, preparing for development and exploration drilling programs. In Colombia, the company is installing a new compressor in the producing Bullerengue field to increase reserves and operational efficiencies.

With a strong financial position, strategic partnerships, and a focus on operational excellence, LNG Energy Group Corp. is well-positioned for growth and success in the energy sector. Investors and stakeholders can look forward to continued progress and value creation from this dynamic company.
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