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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
Comment by Whitehellon Sep 23, 2014 8:46pm
131 Views
Post# 22964208

RE:RE:RE:RE:RE:Great News release

RE:RE:RE:RE:RE:Great News release
(I was just kidding around about the glasses) it's on the Page 6 of the MD&A, here's the full paragraph to help you :

For the three months ended June 30, 2014, the Corporation also had other crude oil production from its Capella, VMM-2 and Santa Isabel properties in Colombia. At Santa Isabel, during the three months ended June 30, 2014, the Corporation drilled one exploration well (Morsa-1) and one appraisal of its Oso Pardo discovery (Oso Pardo-2) made in calendar 2013. The Morsa-1 exploration well encountered oil pay in two separate sandstone reservoirs within the Umir formation and tested 832 bopd of 25o API oil. The Oso Pardo-2 appraisal well encountered 149 feet of oil pay within the Umir and Lisama sandstone reservoirs and is currently undergoing production testing. On the neighboring VMM-2 block, the Corporation along with its partner are completing the production testing of the Lisama discovery at the MA-2 and MA-5 wells, and continue to test naturally fractured shales and carbonates of the La Luna in its MA-1 discovery well. The Corporation and its partner plan to drill an additional appraisal well into the shallow Lisama discovery prior to the end of 2014. The operator of the Capella property (10% WI) is expected to continue its extensive development program for the field through calendar 2014.

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