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
06-Dec-2022 20:42:33
Status
New
Announcement Sub Title
Canacol Energy Ltd. Provides Update on Gas Sales and Drilling Programs
Announcement Reference
SG221206OTHRYQ3E
Submitted By (Co./ Ind. Name)
Canacol Energy Ltd
Designation
SGX-SE
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 (December 6, 2022) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its November 2022 natural gas sales along with the exploration drilling plans for the remainder of 2022.

November Gas Sales of 162 MMscfpd

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 162 million standard cubic feet per day for November 2022, representing low interruptible gas sales due to very high rainfall levels during the month.

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

The Corporation spud the Saxafon 1 exploration well located on its 100% working interest VIM 5 E&P contract in early December. Saxafon 1 is targeting gas bearing sands within the Cienaga de Oro ( CDO ) and Porquero reservoirs. The Corporation anticipates that the well will take approximately four weeks to drill, complete, and test.

The Corporation spud the Chimela 1 exploration well located on its 100% working interest VMM 45 E&P contract in mid November. Chimela 1 is targeting 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 take approximately six weeks to drill, complete, and test.

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

The Corporation is mobilizing the rig to drill the Dividivi 1 exploration well located on its 100% working interest VIM 33 E&P contract. Dividivi 1 is targeting 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.

Attachments

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