Last week was an eventful one for NG Energy International Corp (OTCMKTS:GASXF) as the company announced that it had managed to fulfil all the environmental requirements that had been asked of the company by the National Environmental Licensing Authority.
The announcement, which was made on September 10 and it proved to be a major boost for its stock as well, which soared by as much as 18% last week. The fulfilment of all these requirements also led to the granting of the coveted Environmental License that will allow the company to start drilling work in the SN9 block.
In addition to drilling, NG Energy now has the permission to construct civil works, construction of a maximum of 11 locations for 22 wells and the building of production infrastructure. It goes without saying that it was a major development for the company and is expected to help it in accelerating its operations.
It was also announced that NG Energy will start work on the Magico 1X well immediately. This week it remains to be seen if the stock comes into focus among investors or not. Considering the sort of gains it made last week, it is highly likely for the stock to be on the radars of many investors.