An anonymous director reports

CANACOL ENERGY LTD PROVIDES DRILLING UPDATE

Canacol Energy Ltd. has provided the following update concerning its continuing exploration and development drilling programs.

Kite-1 exploration well (Esperanza exploration and exploitation contract 100-per-cent operated interest)

The Kite-1 exploration well was spudded on Nov. 7, 2024, and reached a total depth of 9,316-foot measured depth. The well is located midway between the producing Palmer and Pomelo gas fields. The well encountered 102-foot true vertical depth of gross gas column within the CDO.

The CDO was perforated across three zones located between 6,517- and 6,619-foot TVD, and was flow tested for 24 hours with six million standard cubic feet per day for 12 hours with an average tubing head pressure of 2247 pounds per square inch, eight MMscfpd for six hours with an average THP of 2,200 psi and finally 10 MMscfpd for another six hours with an average THP of 2,166 psi. The well was then shut in for 24 hours for a buildup and placed on permanent production on Nov. 26, 2024, and is currently flowing at a rate of 10.5 MMscfpd.

Nispero-2 appraisal well (Esperanza exploration and exploitation contract 100-per-cent operated interest)

The Nispero-2 well was spudded on Oct. 4, 2024, and reached a total depth of 10,915-foot MD. The well encountered a gross gas column of 625-foot TVD within the CDO reservoir.

The CDO was perforated across two zones located between 7,925- and 8,001-foot TVD and was put on production on Nov. 13, 2024. The well is currently flowing at a rate of approximately 9.5 MMscfpd.

Natilla-2 exploration well (SSJN 7 exploration and production contract 100-per-cent operated interest)

The Natilla-2 exploration well was spudded on Nov. 2, 2024, and is targeting a large natural gas prospect with primary and secondary targets within the CDO and overlying Middle Porquero formations, respectively.

The well is currently drilling at a depth of 10,405-foot MD within the Upper Porquero formation. The corporation anticipates that the well will take approximately three more weeks to drill to total depth of approximately 16,600-foot MD.

Pibe-1 exploration well (VIM 21 exploration and production contract 100-per-cent operated interest)

The corporation is currently drilling the Pibe-1 exploration well, which spudded on Nov. 23, 2024, and is located approximately four kilometres to the north of the recent Chontaduro-1 discovery on the VIM 21 E&P contract. The well is targeting potential gas-bearing sandstones within the CDO reservoir and is currently drilling ahead to a programed total depth of approximately 11,000-foot MD. The corporation anticipates results within the next week.

Go-forward drilling program for rest of 2024

The corporation is currently mobilizing a drilling rig to spud the Clarinete-11 development well, targeting gas-bearing sandstones of the CDO reservoir located on the VIM 5 E&P contract. The corporation anticipates spudding the well in the second week of December, with results expected prior to year-end.

About Canacol Energy Ltd.

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, and the Colombia Stock Exchange under ticker symbols CNE, CNNEF and CNE.C, respectively.

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