General Announcement::Canacol Energy Ltd. Tests 22 MMSCFPD from Lulo 1, Drilling Lulo 2 Appraisal Well

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
24-May-2023 20:00:21
Status
New
Announcement Sub Title
Canacol Energy Ltd. Tests 22 MMSCFPD from Lulo 1, Drilling Lulo 2 Appraisal Well
Announcement Reference
SG230524OTHRJN22
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. Tests 22 MMSCFPD from Lulo 1, Drilling Lulo 2 Appraisal Well

CALGARY, ALBERTA (May 24, 2023) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning the new Lulo 1 gas discovery and near term drilling plans.

Lulo 1 tests 22 MMscfpd

As announced on May 3, 2023, the Lulo 1 exploration well, located on the 100 percent operated VIM21 Exploration and Production ( E&P ) contract, encountered 207 feet of net gas pay within the Cienaga de Oro ( CDO ) sandstone reservoir.

Lulo 1 was permanently tied in and production tested through the Jobo gas processing facilities located 50 meters away at an average rate of approximately 17 million standard cubic feet per day ( MMscfpd ) for 7 days. The well was tested at various rates ranging from 3.9 MMscfpd to 22.2 MMscfpd with the choke varying between 19/128 and 39/128 inches and a final tubing head pressure of 2,042 psi at the rate of 22.2 MMscfpd, and is currently producing at a controlled rate of approximately 17 MMscfpd.

Lulo 2 drilling ahead

The Corporation commenced drilling of the Lulo 2 appraisal well on May 17, 2023, with the well anticipated to be completed and placed on production by the end of May 2023. It is anticipated that should Lulo 2 prove successful, the Lulo discovery, announced on May 3, 2023, will be capable of producing at a total rate of between 30 and 40 MMscfpd by early June 2023.

Attachments

Canacol Energy Ltd. Tests 22 MMSCFPD from Lulo 1.pdf
Total size =82K