Canacol Energy Ltd (Alberta) T.CNE

Alternate Symbol(s): CNNEF

Energy Oil & Gas E&P

Canacol Energy Ltd. is a Canada-based natural gas exploration and production company with operations focused on Colombia. The Company’s production primarily consists of natural gas from the Esperanza, VIM-5, VIM-21 and VIM-33 blocks located in the Lower Magdalena Valley basin in Colombia. Its production also included crude oil from its Rancho Hermoso block in Colombia (Colombia oil). It supplies approximately 17% of the country’s gas needs and more than 50% of the Caribbean Coast’s gas demand. Its gas fields which produce from the Cienaga de Oro and Porquero proven reservoirs are connected to its central Jobo gas processing and treatment facility through more than 169 kilometers of flow lines, mainly flexible steel flow lines. The Company operates over 1.5 million net acres in 11 exploration and production gas contracts in Colombia, located in the Lower & Middle Magdalena Basins. Its natural gas processing and treatment facilities consist of three plants.

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Canacol Energy Ltd (Alberta)

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Comment by summerb37on Apr 07, 2011 5:34pm

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Post# 18401476

RE: Testing for oil begins at Rupununi well - K2

I just want to point out something from the news article. From the following statement and if it is true, I'm understanding that Canacol is taking the reins on the next Guyana well even though Groundstar is supposed to be the operator, which I believe states a lot about Canacol's feelings, in regards to the ongoing delays in drilling the K2 well. I personally feel this is good move by Canacol.

excerpt:

Plans for a second exploration well on the block by May 2011 are underway, with the choice of prospect (either the Rewa or the Pirara River) dependent on drilling results from Apoteri K-2, the company has said. The second well will be operated by Canacol Energy; Groundstar will be carried for a 10% net interest.

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