CALGARY, Alberta, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its November 2021 natural gas sales, the Siku 1 exploration well, and drilling plans for the remainder of 2021.
Gas sales averaged 182 MMscfpd for November 2021
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 182 million standard cubic feet per day (“MMscfpd”) for November 2021.
Siku 1 exploration well encounters 33 feet of net gas pay
The Siku 1 exploration well was spud on November 12, 2021 and reached a total depth of 8,825 feet measured depth on November 20, 2021. The well encountered 33 feet true vertical depth of net gas pay with an average porosity of 20% within the primary Cienaga de Oro sandstone reservoir target. The Corporation has completed casing the well and will return with a workover rig in early 2022 to complete and tie the well into permanent production.
Remaining 2021 drilling program
The rig is currently mobilizing to drill the Clarinete 6 development well. Clarinete 6 is targeting gas bearing sandstones within the CDO sandstone reservoir, the main producer within the Clarinete gas field. Clarinete 6 is anticipated to take approximately 5 weeks to drill and complete, and will be tied into permanent production by late January 2022.
Normal course issuer bid
On May 25, 2021, the Corporation began actively buying its shares back for cancellation under the terms of its Toronto Stock Exchange-approved normal course issuer bid and automatic share purchase program, which limits the maximum daily share purchases to 60,132 shares per day as outlined in a Dec. 21, 2020, press release. During November 2021, the Corporation repurchased 205,000 shares at an average price of $3.18 per share. Since May 25, 2021 the Corporation has repurchased a total of 2,978,700 shares at an average price of $3.25 per share.
About Canacol
Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.
https://www.canacolenergy.com
https://www.globenewswire.com/news-release/2021/12/06/2346475/0/en/Canacol-Energy-Ltd-Provides-Sales-and-Operations-Update-Announces-Discovery-at-Siku-1.html