Canacol Energy Ltd. Provides Gas Sales and Drilling Update
07 November 2023 - 2:00PM
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE;
OTCQX:CNNEF; BVC:CNEC) provides the following gas sales and
drilling operations update.
October Gas Sales of 170
MMscfpd
Realized contractual natural gas sales (which
are gas produced, delivered, and paid for) were 170 million
standard cubic feet per day for October 2023.
As previously announced, 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 has
since executed a number of successful remedial measures and is
finalizing other ones in order to bring production back to normal
levels by the end of November. The Corporation continues to expect
that it will be able to make up lost sales volumes by year end and
meet its average production and financial targets and therefore
reiterates that it does not expect this situation to have a
material impact on its overall operations and results for the
year.
Near Term Drilling Program
The Corporation completed the drilling of the
Pandereta 9 and Nelson 15 development wells, which encountered 134
and 138 feet true vertical depth (“ft TVD”) of net gas pay within
the main Cienaga de Oro sandstone (“CDO”) target. The wells are
currently being tied into the Jobo gas treatment facility and will
both be on production within one week.
The Corporation anticipates spudding the
Pandereta 10 development well within one week, which will be
followed by the Clarinete 10 development well to be completed prior
to the end of 2023.
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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