Canacol Energy Ltd. Provides Gas Sales and Drilling Update
05 Septembre 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.
August Gas Sales of 178
MMscfpd
Realized contractual natural gas sales (which
are gas produced, delivered, and paid for) were 178 million
standard cubic feet per day for August 2023.
Commencing the second week of August 2023 the
Corporation experienced unusual and unexpected production capacity
restrictions at some of its gas fields as a result of issues at the
Jobo gas treatment facility as well as certain of its producing
wells. As a result of the foregoing the Corporation has had to
restrict gas deliveries under certain supply contracts dedicated to
supplying non-essential gas demand, all in accordance with
applicable Colombian regulations and in consultation with the
relevant authorities. The Corporation is presently working on
remediating this short-term disruption and expects to have
production back to normal levels shortly.
Near Term Drilling Program
The Corporation spud the Cereza 1 exploration
well on August 9, 2023 and reached a TD of 7,650 feet measured
depth on August 20, 2023. The well encountered noncommercial
quantities of gas within the Cienaga de Oro (“CDO”) sandstone
reservoir and was plugged and abandoned.
The Corporation is currently drilling the Fresa
2 appraisal well targeting sandstones of the CDO reservoir that are
productive in the offsetting Fresa 1 exploration well drilled in
2021. The Corporation anticipates completing the drilling of the
well within the next two weeks.
Two drilling rigs are currently being mobilized
to drill the Agua Vivas 4 and Pandereta 9 development wells, with
expected spud dates of the second week of September 2023 and the
first week of October 2023 respectively. Both are infill
development wells, and each will take approximately 4 weeks to
drill and complete.
The Corporation is focusing on infill
development drilling and workover opportunities to meet anticipated
high gas demand during the El Niño season which is anticipated to
start in fourth quarter 2023. The company will return to
exploration drilling prior to year end.
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
Canacol Energy (TSX:CNE)
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