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.

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

The Pibe-1 exploration well was spudded on Nov. 23, 2024, and reached a total depth of 11,000 feet measured depth. The well is located approximately four kilometres to the north of the recent Chontaduro-1 discovery. The well encountered 1,044 feet true vertical depth of gross gas column within the Cienaga de Oro (CDO) sandstone reservoir.

The CDO was perforated across one zone located between and 7,424 feet and 7,433 feet total vertical depth and was flow tested at 3.8 million standard cubic feet per day for 3.7 hours with an average tubing head pressure (THP) of 2,701 pounds per square inch, and subsequently 5.1 million standard cubic feet per day for 41.5 hours with an average THP of 2,628 pounds per square inch. The well was placed on permanent production on Dec. 13, 2024, and is currently flowing at a rate of 5.5 million standard cubic feet per day.

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 has reached a depth of 13,631 feet measured depth within the mid-Porquero formation, where drilling difficulties were encountered. The current operation is tripping out of the hole to change the configuration of the bottom hole assembly and then resume drilling to the main targets within the next week.

Go-forward drilling program for remainder of 2024

The corporation has spudded the Pibe-2 appraisal well located on the VIM-21 exploration and exploitation contract (100-per-cent operated working interest) from the existing Pibe-1 drilling platform. The corporation anticipates results within the next three weeks.

The corporation anticipates spudding the Clarinete-11 development well located on the VIM-5 exploration and production contract (100-per-cent operated working interest) within the next two days. The well is targeting gas-bearing sandstones of the CDO reservoir, 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.