LNG Energy Group Announces Update to Strategic Review

Strategic Review and Corporate Updates - The company has initiated a strategic review process to explore options for enhancing shareholder value, including financings, strategic partnerships, investments, acquisitions, or potential mergers [1] - The company has engaged ECM Capital Advisors Inc to assist in assessing strategic alternatives, while terminating its previous agreement with Eight Capital [3] - The company is pursuing a well development financing (JV Contribution) to raise capital for drilling the B5 well in Colombia and is reviewing options to optimize cash flow for drilling [2] Capital and Financing Updates - The company is farming out a non-operating portion of its participating interest in the VIM-41 Block in Colombia to strengthen capital [2] - The company has amended its senior secured credit agreement, amortizing approximately $20 million of the initial principal, leaving an outstanding principal of approximately$50 million [4] - Lenders have agreed to covenant relief to support the company's strategic initiatives and drilling program funding [4] Business Focus and Operations - The company is focused on acquiring and developing natural gas production and exploration assets in Latin America [5] - The company is considering the application of stimulation technology used in the BN-1 well workover on other wells [8] - The company aims to book additional reserves in the future and complete transactions related to the strategic review [8]