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

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
08-Nov-2022 19:55:30
Status
New
Announcement Sub Title
Canacol Energy Ltd. Provides Update on Gas Sales and Drilling Programs
Announcement Reference
SG221108OTHRZLWN
Submitted By (Co./ Ind. Name)
Canacol Energy
Designation
SGX-SE
Effective Date and Time of the event
08/11/2022 17:00:00
Description (Please provide a detailed description of the event in the box below)
Canacol Energy Ltd. Provides Update on Gas Sales and Drilling Programs

CALGARY, ALBERTA (November 8, 2022) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its October 2022 natural gas sales along with the exploration drilling plans for the remainder of 2022.

October Gas Sales of 186 MMscfpd

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 186 million standard cubic feet per day for October 2022.

Remaining 2022 Exploration Drilling Program: Saxafon 1, Chimela 1, Natilla 1 and Dividivi 1

The Corporation is mobilizing a rig for the drilling of the Saxafon 1 exploration well located on its 100% working interest VIM 5 E&P contract. Saxafon 1 will target gas bearing sands within the Cienaga de Oro ( CDO ) and Porquero reservoirs. The Corporation anticipates that the well will spud in mid November 2022 and will take approximately six weeks to drill, complete, and test.

The Corporation is rigging up for the drilling of the Chimela 1 exploration well located on its 100% working interest VMM 45 E&P contract. Chimela 1 will target gas and oil bearing sandstones within the Tertiary Lisama reservoirs which are productive in various nearby oil and gas producing fields. The Corporation anticipates that the well will spud in mid November 2022 and will take approximately six weeks to drill, complete, and test.

The Corporation is preparing to mobilize the rig for the drilling of the Natilla 1 exploration well located on its 50% operated working interest SSJN 7 E&P contract. Natilla 1 will target gas bearing sandstones within the CDO and Porquero reservoirs. The Corporation anticipates that the well will spud in late November 2022 and will take approximately fifteen weeks to drill, complete, and test.

The Corporation is preparing the location for the drilling of the Dividivi 1 exploration well located on its 100% working interest VIM 33 E&P contract. Dividivi 1 will target gas bearing sandstones of the CDO reservoirs. The Corporation anticipates that the well will spud in early December and will take approximately four weeks to drill, complete, and test.

Normal course issuer bid

During October 2022, the Corporation repurchased 215,003 shares at an average price of CAD $2.10 per share. Thus far in 2022 the Corporation has repurchased a total of 5,609,335 shares for cancellation.

Attachments

08.11.2022 - Canacol Energy Ltd. Provides Update on Gas Sales and Drilling Programs.pdf
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