NG Energy International (GASX) Q4 2024 earnings summary

Executive summary

• Achieved first natural gas production from the Sinu-9 Block after completing critical infrastructure, including CPF-1 and a 28.3 km pipeline.

• Raised over $70 million (over US $120 million including uncommitted credit) through equity and debt, and expanded operational and technical teams.

• Announced post-year-end sale of a 40% working interest in Sinu-9 to Maurel & Prom for US $150 million, strengthening the balance sheet.

• Appointed new CFO and CEO, with executive transitions to support the next growth phase.

Financial highlights

• Record annual revenue of US $38.2 million, up 218% year-over-year from US $12.0 million in FY 2023.

• Annual cash flow from operations reached US $18.5 million, compared to negative US $3.5 million in FY 2023.

• Q4 2024 revenue was US $8.7 million, up 89% year-over-year from US $4.6 million in Q4 2023.

• Q4 2024 cash flow from operations was US $2.2 million, compared to negative US $1.2 million in Q4 2023.

• Realized average natural gas price of US $7.98/Mcf for FY 2024.

Outlook and guidance

• Sinu-9 production capacity expected to exceed 40 MMcf/d (gross) by early Q3 2025 after dew point handling equipment installation.

• Maria Conchita production capacity targeted to reach 28 MMcf/d following compressor upgrades and drilling of Aruchara-4 in H2 2025.

• Anticipates substantial production growth from both fields, aiming to address Colombia’s natural gas supply deficit.