General Announcement::Canacol Energy Ltd. Provides Sales, Drilling Operations, and Share Buyback 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
08-Mar-2022 22:27:57
Status
New
Announcement Sub Title
Canacol Energy Ltd. Provides Sales, Drilling Operations, and Share Buyback Update
Announcement Reference
SG220308OTHR755Z
Submitted By (Co./ Ind. Name)
Canacol Energy Ltd.
Designation
SGX-ST
Description (Please provide a detailed description of the event in the box below)
CALGARY, ALBERTA - (March 8, 2022) Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its February 2022 natural gas sales, the Carambolo 1 well, near term drilling plans, and the Corporation s normal course issuer bid.
Gas sales averaged 188 MMscfpd for February 2022

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were approximately 188 million standard cubic feet per day ( MMscfpd ) for February 2022.

Drilling rig mobilizing to drill Chirimia 1 sidetrack

The Carambolo 1 well has been cased as a gas discovery. The rig is currently mobilizing to drill the Chirimia 1 sidetrack with the objective of reestablishing gas production from the Cienaga de Oro ("CDO") sandstone reservoir. Chirimia 1 was drilled in 2018, and subsequently experienced mechanical issues which have prevented the well from being produced since 2019.

Upon completion of the Chirimia 1 sidetrack the rig will mobilize to drill the Cornamusa 1 exploration well. This well will target CDO reservoir sandstones in a faulted anticlinal closure defined on 3D seismic. The prospect also exhibits a signature AVO response indicative of the potential for the presence of natural gas in the reservoir sandstones.

Normal course issuer bid

During January 2022, the Corporation repurchased 5,307,700 Common Shares for CAD$ 3.15 per share under its normal course issuer bid (the NCIB ), relying on the block purchase exemption under the NCIB rules. Following this large repurchase the Corporation s NCIB was inactive in February.

Attachments

2022 03 08 Provides Sales Drilling Operations and Share Buyback Update.pdf
Total size =65K