Canacol Energy Ltd CNNEF

Primary Symbol: T.CNE

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 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

Canacol Energy Ltd > Provides Sales and Operations Update

<< Previous

Bullboard Posts

Next >>

Post by Betteryear2on Jan 04, 2022 7:13am

272 Views

Post# 34280802

Provides Sales and Operations Update

CALGARY, Alberta, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its December 2021 natural gas sales, the Clarinete 6 development well, near term drilling plans for 2022, and the Corporations normal course issuer bid.

Gas sales averaged 183 MMscfpd for December 2021

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 183 million standard cubic feet per day (“MMscfpd”) for December 2021.

Clarinete 6 development well encounters 174 feet of net gas pay

The Clarinete 6 development well was spud on December 9, 2021 and reached a total depth of 7,478 feet measured depth on December 15, 2021. The well encountered 174 feet true vertical depth of net gas pay with an average porosity of 22% within the primary Cienaga de Oro sandstone reservoir target. The Clarinete 6 well was tied into the Clarinete production manifold and has been placed on permanent production.

Near term drilling program

The rig is currently mobilizing to drill the Toronja 2 development well, which is targeting gas bearing sandstones within the Porquero sandstone reservoir. Toronja 2 is anticipated to take approximately 3 weeks to drill and complete, and will be tied into permanent production by late January 2022. Following the completion of the Toronja 2 well, the rig will be mobilized to spud the Carambolo 1 exploration well, which the Corporation anticipates spudding in the latter half of February 2022. The Carambolo 1 exploration well will take approximately 5 weeks to drill and complete.

Normal course issuer bid

During December 2021, the Corporation repurchased 369,800 shares at an average price of $3.18 per share. Since May 25, 2021 the Corporation has repurchased a total of 3,348,500 shares at an average price of $3.24 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.