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by Stockwatch Business Reporter

U.S. markets were closed for Martin Luther King Jr. Day. West Texas Intermediate crude for February delivery gained $1.01 to $64.81 in electronic trading on the New York Merc, while Brent for March gained 97 cents to $70.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.35 to WTI ($40.46), down from a discount of $25.05. Natural gas for February gained five cents to $3.13. The TSX energy index added a fraction to close at 201.06.

Colombia-focused Canacol Energy Ltd. (CNE) gained 24 cents to $4.72 on 295,700 shares, after announcing that its Pandereta-2 appraisal well on the VIM 5 block produced up to 140 million cubic feet of gas per day in a flow test. The well's flow rate stabilized at 35 million cubic feet a day. This is higher than the result released last month from Pandereta-1, which flowed at a stabilized rate of 29 million cubic feet a day.

On Jan. 12, Canacol spudded its Pandereta-3 gas appraisal well. It expects to finish drilling and testing this well in four weeks. Elsewhere on the VIM 5 block, Canacol will spud its Gaiteros-1 gas exploration well on Jan. 18. As well as Pandereta-3 and Gaiteros-1, Canacol plans to drill five more gas appraisal or exploration wells in 2018. It expects to produce between 114 million and 129 million cubic feet a day this year, up from an estimated 85 million cubic feet a day last year. (The final full-year results for 2017 are not yet available.) The company plans to spend $80-million (U.S.) on its capital program in 2018. It already spent that much in the first three quarters of 2017.

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