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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
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Post by Betteryear2on May 25, 2022 5:10pm
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Post# 34707447

Canacol Energy (CNE): Shift Towards High-Impact Drilling

Canacol Energy (CNE): Shift Towards High-Impact DrillingLONDON, UK / ACCESSWIRE / May 25, 2022 / Canacol's recent independent prospective resources audit has assigned 7.6tcf to the company's Lower and Middle Magdalena Valley (LMV and MMV) assets, up from 1.7tcf in 2021 and with 6.6tcf sitting in the untapped MMV. This will be key to the company's success as it looks beyond its core LMV producing area to secure its targeted reserves replacement ratio of 200% per year (on average). The company's first test of the MMV will be the Pola-1 well spudding in Q322, targeting 470bcf of mean gross risked prospective resources. Success here would be transformational given that Canacol currently holds 607bcf of 2P reserves. We believe the share price does not reflect the exploration upside and value the company at C$6.29/share, more than double the current share price.

Canacol Energy (CNE): Shift Towards High-Impact Drilling
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