Canacol Energy Ltd. Provides Gas Sales and Drilling Update
03 Août 2023 - 2:00PM
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE;
OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following gas
sales and drilling operations update.
July Gas Sales of 197
MMscfpd
Realized contractual natural gas sales (which
are gas produced, delivered, and paid for) were 197 million
standard cubic feet per day for July 2023.
Drilling Program
Canacol’s near field exploration program
includes the successful Lulo discovery, as well as the Piña Norte,
Cereza, and Mafaldine prospects. The program is targeting
exploration prospects within the proven Cienaga de Oro sandstone
reservoirs located close to the Jobo production facility that can
be commercialized very quickly, allowing the Corporation to build
productive capacity in order to meet the anticipated high demand
for gas associated with the upcoming El Niño phenomena.
The Corporation spud the Piña Norte 1
exploration well located on its 100% operated VIM21 Exploration and
Production (“VIM 21 E&P”) contract on June 26, 2023. The well
is located approximately 500 meters to the west of the Jobo
production facility. The well encountered an over pressured zone in
a very shallow reservoir and due to drilling difficulties had to be
plugged and abandoned. The twin offset Piña Norte 2 exploration
well was spud on July 18, 2023 and is currently drilling ahead. The
Corporation anticipates completing the well within the next two
weeks.
Upon completion of the Piña Norte 2 well, the
drilling rig will be mobilized to drill the Mafaldine exploration
well, also located on the VIM 21 E&P contract, and situated
approximately 1.5 kilometers to the northwest of the Jobo
production facility.
A second rig is being mobilized to drill the
Cereza 1 exploration well also located on its 100% operated VIM 21
E&P contract. The well is located approximately 500 meters to
the north of the Jobo production facility. The well is anticipated
to spud the second week of August 2023, and is targeting gas
charged sands of the Cienaga de Oro reservoir. The well will take
approximately 4 weeks to drill and complete.
A third rig is being mobilized to drill the
Aguas Vivas 4 development well which is also located on its 100%
operated VIM 21 E&P contract. The well is anticipated to spud
the third week of August 2023 and is targeting the CDO reservoir
within the Aguas Vivas field.
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 CNEC,
respectively.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of applicable
securities law. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur, including without limitation statements relating to
estimated production rates from the Corporation's properties and
intended work programs and associated timelines. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made and are subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. The Corporation cannot assure that
actual results will be consistent with these forward-looking
statements. They are made as of the date hereof and are subject to
change and the Corporation assumes no obligation to revise or
update them to reflect new circumstances, except as required by
law. Prospective investors should not place undue reliance on
forward looking statements. These factors include the inherent
risks involved in the exploration for and development of crude oil
and natural gas properties, the uncertainties involved in
interpreting drilling results and other geological and geophysical
data, fluctuating energy prices, the possibility of cost overruns
or unanticipated costs or delays and other uncertainties associated
with the oil and gas industry. Other risk factors could include
risks associated with negotiating with foreign governments as well
as country risk associated with conducting international
activities, and other factors, many of which are beyond the control
of the Corporation.
Realized contractual gas sales is defined as gas
produced and sold plus gas revenues received from nominated take or
pay contracts.
For more information please contact:
Investor Relations
South America: +571.621.1747 IR-SA@canacolenergy.com
Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com
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