An anonymous director reports

CANACOL ENERGY LTD. ANNOUNCES NEW GAS DISCOVERY AT POMELO 1

Canacol Energy Ltd. has provided the following information concerning the new Pomelo 1 gas discovery.

Pomelo 1 encounters 96 feet of net gas pay

The Pomelo 1 exploration well, located on the 100-per-cent-operated VIM-21 exploration and production contract, was spudded on Feb. 19, 2024, and reached a total depth of 12,276 feet in measured depth on March 3, 2024. The well encountered 96-foot true vertical depth of net gas pay with average porosity of 21 per cent within the primary Cienaga de Oro sandstone reservoir.

The CDO reservoir was perforated over a 48-foot interval and was tied into the existing flow line to the Betania substation. The well is producing with a downhole gauge into the Jobo gas treatment facility. The well started at a production rate of four million standard cubic feet per day for six hours at a choke of 21/128ths of an inch. The rate was subsequently increased to six MMscfd and eight MMscfpd for six hours and 24 hours, respectively. The well was tested at a rate of up to 10 MMscfpd at a choke of 30/128ths of an inch, and is now producing into the Jobo gas treatment plant at a controlled rate of eight MMscpd.

The corporation is currently mobilizing the rig to drill the Chontaduro 1 exploration well located approximately three kilometres to the north of the Pomelo discovery. The Chontaduro 1 well is targeting the CDO sandstone reservoir, with a secondary uphole target within the Porquero sandstone reservoir, both of which are productive in the area. Chontaduro 1 will spud prior to the first week of April, 2024, and will take approximately three weeks to drill and complete.

About Canacol Energy Ltd.

Canacol is a natural gas exploration and production company with operations focused on Colombia. The corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States and the Colombia Stock Exchange under ticker symbols CNE, CNNEF and CNEC, respectively.

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