20:16:09 EDT Mon 03 Oct 2022
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Canacol Energy Ltd (2)
Symbol CNE
Shares Issued 170,858,922
Close 2022-08-04 C$ 2.40
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Canacol Energy tests 12.4 MMscfpd at Cornamusa 1

2022-08-04 12:06 ET - News Release


Canacol Energy Ltd. has released the following information concerning its July, 2022, natural gas sales and the test results of the Cornamusa 1 exploration well, along with near-term drilling plans.

Gas sales averaged 197 MMscfpd (million standard cubic feet per day)

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 197 million standard cubic feet per day for July, 2022.

Cornamusa 1 exploration well tests 12.4 MMscfpd

As announced in June, 2022, the corporation completed the drilling of the Cornamusa 1 exploration well located on the VIM-21 block operated by Canacol Energy Colombia SAS with a 100-per-cent working interest. The well encountered multiple gas filled sandstones between 6,010 and 7,514 feet true vertical depth within the primary Cienaga de Oro (CDO) sandstone reservoir target with average porosity of 21 per cent. Following completion, the well was tied into the production facilities and tested. Following an initial clean up period, the well was flow tested for 29 hours at an average rate of 6.7 MMscfpd. The final test rate was 12.4 MMscfpd, with a THP of 2244 psia (pounds per square inch, absolute) and a choke of 27 64ths of an inch. The well was shut in for a build up period of five days, after which the well will be put on permanent production.

Forward drilling program -- Claxon 1 exploration well and Canaflecha 2 development well.

The corporation is currently drilling the Claxon 1 exploration well located on its 100-per-cent working interest VIM 5 E&P contract. Claxon 1 is located approximately two kilometres to the south of the recently announced Alboka 1 discovery, which tested 33 MMscfpd from the CDO sandstone reservoir. Claxon 1 will target the same CDO sandstone reservoirs present at Alboka; the corporation anticipates that the well will take approximately four weeks to drill, complete and test.

The other rig is being mobilized to drill the Canaflecha 2 development well, located on the 100-per-cent working interest Esperanza E&E contract. The well is anticipated to spud in early August, 2022, and is targeting gas within the Cienaga del Oro in the Canaflecha field discovered in 2008. The corporation anticipates that the well will take approximately four weeks to drill, complete and test.

Normal course issuer bid

During July, 2022, the corporation repurchased 86,632 shares at an average price of $2.25 per share. Thus far in 2022, the corporation has repurchased a total of 5,394,332 shares for cancellation.

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 of America and the Colombia Stock Exchange under ticker symbol CNE, CNNEF and CNEC, respectively.

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