Ms. Valentina Garbarini reports

CANACOL ENERGY LTD. ANNOUNCES RESIGNATION OF JUAN ARGENTO AND APPOINTMENT OF VALENTINA GARBARINI TO BOARD OF DIRECTORS

Canacol Energy Ltd.'s Juan Argento has resigned as a director of the company. Valentina Garbarini has been appointed to the board of directors as his replacement.

Mr. Argento has served on the board of directors since February, 2021, originally as a nominee of one of the corporation's principal shareholders. During his tenure as a member of the board of directors, Mr. Argento has greatly contributed to the stewardship of the corporation through his insightful advice and extensive capital markets experience. The corporation thanks him for his years of service and dedication.

As a replacement for Mr. Argento, pursuant to its right to do so, the same shareholder nominated Ms. Garbarini. The corporation has accepted the nomination of and has appointed Ms. Garbarini to the board of directors of the corporation. Ms. Garbarini has more than 10 years of experience as director of the family office of the Cisneros Blavia family, leading the finance and legal affairs departments internationally, and focused on the areas of energy, telecommunications and social responsibility. She is also a board member of Corporacion Digitel, a telecommunications company in Venezuela. She was a board member of the Universidad Iberoamericana in Bogota, ambassador of the Sino PLPE Federation in Macao, of Fundacion Unidos en Red, and of GEN Global. Ms. Garbarini graduated cum laude from Bentley University, in Boston, Mass., in business management, marketing and international studies.

The corporation extends a warm welcome to Ms. Garbarini. The board of directors looks forward to working together with her in the coming years and benefiting from her experience.

About Canacol Energy Ltd.

Canacol is a natural gas exploration and production company with operations focused in Colombia.

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