General Announcement::Canacol Energy Ltd. Provides Gas Sales and Drilling Update

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
03-Aug-2023 20:00:07
Status
New
Announcement Sub Title
Canacol Energy Ltd. Provides Gas Sales and Drilling Update
Announcement Reference
SG230803OTHRQV70
Submitted By (Co./ Ind. Name)
Canacol Energy
Designation
Canacol Energy
Description (Please provide a detailed description of the event in the box below)
Canacol Energy Ltd. Provides Gas Sales and Drilling Update

CALGARY, ALBERTA (August 3, 2023) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following gas sales and drilling operations update.

July Gas Sales of 197 MMscfpd

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 197 million standard cubic feet per day for July 2023.

Drilling Program

Canacol s near field exploration program includes the successful Lulo discovery, as well as the Pi a Norte, Cereza, and Mafaldine prospects. The program is targeting exploration prospects within the proven Cienaga de Oro sandstone reservoirs located close to the Jobo production facility that can be commercialized very quickly, allowing the Corporation to build productive capacity in order to meet the anticipated high demand for gas associated with the upcoming El Ni o phenomena.

The Corporation spud the Pi a Norte 1 exploration well located on its 100% operated VIM21 Exploration and Production ( VIM 21 E&P ) contract on June 26, 2023. The well is located approximately 500 meters to the west of the Jobo production facility. The well encountered an over pressured zone in a very shallow reservoir and due to drilling difficulties had to be plugged and abandoned. The twin offset Pi a Norte 2 exploration well was spud on July 18, 2023 and is currently drilling ahead. The Corporation anticipates completing the well within the next two weeks.

Upon completion of the Pi a Norte 2 well, the drilling rig will be mobilized to drill the Mafaldine exploration well, also located on the VIM 21 E&P contract, and situated approximately 1.5 kilometers to the northwest of the Jobo production facility.

A second rig is being mobilized to drill the Cereza 1 exploration well also located on its 100% operated VIM 21 E&P contract. The well is located approximately 500 meters to the north of the Jobo production facility. The well is anticipated to spud the second week of August 2023, and is targeting gas charged sands of the Cienaga de Oro reservoir. The well will take approximately 4 weeks to drill and complete.

A third rig is being mobilized to drill the Aguas Vivas 4 development well which is also located on its 100% operated VIM 21 E&P contract. The well is anticipated to spud the third week of August 2023 and is targeting the CDO reservoir within the Aguas Vivas field.

Attachments

03.08.2023 - Canacol Energy Ltd. Provides Gas Sales and Drilling Update.pdf
Total size =82K