General Announcement::Canacol Energy Ltd. Announces Discoveries at Dividivi 1, Saxofon 1, and Chimela 1

Issuer & Securities

Issuer/ Manager
CANACOL ENERGY LTD.
Securities
CANACOLENE US$500M5.75%281124A - US134808AD63 - PNTB
CANACOLENE US$500M5.75%281124R - USU13518AC64 - YW0B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
23-Jan-2023 20:03:26
Status
New
Announcement Sub Title
Canacol Energy Ltd. Announces Discoveries at Dividivi 1, Saxofon 1, and Chimela 1
Announcement Reference
SG230123OTHRU6LJ
Submitted By (Co./ Ind. Name)
SGX-SE
Designation
SGX-SE
Description (Please provide a detailed description of the event in the box below)
Canacol Energy Ltd. Announces Discoveries at Dividivi 1, Saxofon 1, and Chimela 1

CALGARY, ALBERTA (January 23, 2023) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide details on the following three discoveries, as well as information concerning its near term drilling programs.

Saxofon 1 Encounters 338 feet of gross gas pay within the Porquero and CDO reservoirs

The Corporation commenced the drilling of the Saxofon 1 exploration well on December 2, 2022 on its 100% operated VIM5 Exploration and Production ( E&P ) contract located in the Lower Magdalena Basin. The well reached a total depth of 9,416 feet measured depth ( ft md ) on January 7, 2023 and encountered a gross gas column of 290 feet true vertical depth ( ft tvd ) within the Porquero sandstone reservoir between depths of 4,385 and 4,675 ft md, and a gross gas column of 48 ft tvd within the primary Cienaga de Oro ( CDO ) sandstone reservoir between 7,560 and 7,608 ft md.

The gas bearing reservoirs encountered within the Porquero sandstone display average porosity of 26 %, while those within the CDO sandstone display average porosity of 16 %.

The well is currently being cased, and the Corporation is planning to mobilize a workover rig to complete and test the CDO. The development plan for Saxofon will include the drilling of additional appraisal and development wells once a new 3D seismic survey has been acquired over that area of the block in late 2023.

The Corporation will provide production test results when they become available.

Attachments

Canacol Energy Ltd. Announces Discoveries at Dividivi 1 Saxofon 1 and Chimela 1.pdf
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