NG Energy International Corp. announced that, based on the decision to re-enter the Istanbul-1 well, the Company has signed a contract with CPVEN for the workover of the Istanbul-1 well located in the Maria Conchita block at La Guajira, Colombia. Under this agreement, the companies will perform a work over in the Istanbul-1 well which is expected to begin in the second half of February 2021. This includes the project management, selection of service providers, contract signature and administration, work development coordination, contract liquidation, quality control, COVID protocols implementation and processes assurance. This decision to re-enter the Istanbul-1 well is based on geological, geophysical and petrophysics studies performed during the end of 2020 and beginning of 2021 by internal consultants. These studies identified new zones of potential accumulations in the limestone of the Tinka area and the sandstones of the Istanbul-1, Aruchara-1, and Tinka-1 area and identified three new potential locations to be drilled for the field development in the area of Aruchara-1 and Istanbul-1 wells, assuming that the re-entry into Istanbul-1 is successful. The Istanbul-1 well work over will allow the Company to test the identified zones in the section of the Jimol formation, not tested in the original well, and retest two more zones. The workover of Istanbul-1 well, along with the construction of the production facilities and the beginning of production of the Aruchara-1 well, will allow an increase in the field's production capacity.