General Announcement::Pola 1 Exploration Well Targeting 470 BCF of Gross Mean Risked Conventional Gas Resource

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
11-Apr-2022 19:48:07
Status
New
Announcement Sub Title
Pola 1 Exploration Well Targeting 470 BCF of Gross Mean Risked Conventional Gas Resource
Announcement Reference
SG220411OTHRYPE7
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 (April 11, 2022) Canacol Energy Ltd. ( Canacol or the Corporation ) (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) is pleased to report on the conventional natural gas prospective resources (resources other than reserves) for its Pola-1 prospect on the VMM-45 exploration block located in the Middle Magdalena Valley ( MMV ) basin of Colombia (the Audited Area ). Boury Global Energy Consultants Ltd. ( BGEC ), Canacol s independent qualified resources auditor, was commissioned to conduct an independent prospective resources audit of Canacol s internal estimates of prospective resources for the Audited Area effective December 31, 2021 (the BGEC Report ). Canacol is a natural gas focused exploration and production company, and the largest independent gas producer in Colombia.

VMM-45 is one of five blocks that the Corporation acquired in exploration bid rounds over the past three years. At 100% working interest in all five blocks, the Corporation has now assembled 610,981 net acres within the deep conventional Cretaceous La Luna natural gas play in the MMV basin. Success in this deep conventional gas play would result in a new core gas producing area for the Corporation within the next three years, a new core area that will rival the current level of production the Corporation has in its historic current core producing area located in the Lower Magdalena Basin.
As detailed in a press release dated April 6, 2022, BGEC s independent prospective resource audit evaluated and estimated conventional natural gas prospective resources that have been aggregated to an un risked mean of 17.3 trillion standard cubic feet and a risked mean of 6.6 trillion standard cubic feet for all prospects in the new deep Cretaceous La Luna conventional gas play.

Pola-1 will be the first well targeting this new deep conventional Cretaceous La Luna gas play, testing the first of 18 prospects and leads that were included in the evaluation that underpinned those prospective resource estimates. The La Luna consists of up to 3,300 ft of marine carbonates and clastics, and is the primary source rock for most of the proven oil and gas reserves in Colombia, Venezuela, and Ecuador, and is productive in various oil and gas fields in Colombia.

For further details, please refer to the full press release, which is attached.

Attachments

2022 04 11 Pola 1_470 BCF of Gross Mean Risked.pdf
Total size =304K