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Canacol Energy Ltd T.CNE

Alternate Symbol(s):  CNNEF

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 and VIM-21 blocks located in the Lower Magdalena Valley basin in Colombia. The Company’s 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. It operates over 1.5 million net acres in 14 exploration and production contracts in Colombia, with 11 of these contracts focused on exploring for and developing natural gas. These blocks are all located in the Lower & Middle Magdalena Basins of Colombia.


TSX:CNE - Post by User

Bullboard Posts
Post by Crotchon Sep 15, 2011 7:39am
423 Views
Post# 19044232

COR Farm out

COR Farm outnothing too exciting...would be nice to see a news release that mentions drilling in 2011, and not 2014...on the bright side, 2014 looks to be a good year for shareholders.

Canacol Energy Ltd. Announces Farm Out of 30% Interest in COR 11 and COR 39 E&P Contracts in Colombia
Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE) (BVC:CNEC) is pleased to announce that it has entered into a definitive agreement with Sintana Energy Inc. (“Sintana”), the South American operations subsidiary of Drift Lake Resources Inc. (TSXV:DLA), to farm out 30% of its 100% operated working interest on the COR 11 and COR 39 Exploration and Production Contracts (“E&P Contracts”) located in the Upper Magdalena Basin of Colombia.  The Corporation was awarded a 100% operated working interest in the E&P Contracts in February 2011 by the Agencia Nacional de Hidrocarburos.

Under the terms of the definitive agreement, Sintana will pay 60% of the work commitment costs associated with the Phase 1 Exploration Phase for each of the contracts in order to earn a 30% working interest in each of the contracts.  The Phase 1 work commitments for the COR 11 E&P contract include the acquisition of 155 kilometers (“km”) of 2D seismic and the drilling of one exploration well.  The Phase 1 commitments for the COR 39 E&P Contract include the acquisition of 120 km of 2D seismic and the drilling of 2 exploration wells.  The Phase 1 period for each of the contracts is 3 years in length, expiring in February 2014.  Canacol shall remain the operator of both of the E&P contracts.

The Corporation will use the capital saved by the farm out of these blocks to fund exploration activities on its other blocks in Colombia.

Bullboard Posts