CANACOL'S CLARINETE 2 HIT$ MASSIVE GAS ZONE.. CANACOL ENERGY CNE.TO commenced the drilling of the Clarinete 2 appraisal well at its Clarinete gas discovery located on the VIM5 block in the Lower Magdalena Valley. The Corporation has a 100% operated working interest in the VIM5 block. The well is located approximately 1.5 kilometers ("kms") to the west of the Clarinete 1 discovery well, and is targeting the same two productive sandstone reservoirs that tested approximately 42 mmscfpd of natural gas from the Tertiary Cienaga de Oro Formation in the Clarinete 1 discovery well. The well is anticipated to take approximately five weeks to drill, complete, and production test. Upon the completion of testing operations at Clarinete 2 the drilling rig will be mobilized to drill Oboe 1. Oboe 1 is located approximately 3 kms to the north of the Clarinete 1 discovery well, and is targeting the same two productive sandstone reservoirs tested at the Clarinete 1 discovery. Oboe 1 is also anticipated to take approximately five weeks to drill, complete, and test. As per a third party reserves report effective February 2015, the Corporation has booked 150 billion cubic feet ("bcf") of net recoverable 2P reserves to the Clarinete natural gas discovery based on the Clarinete 1 well.
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