General Announcement::Canacol Announces Results of DeGolyer and MacNaughton Audit of Proved Gas Reserves

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
25-Nov-2025 22:03:04
Status
New
Announcement Sub Title
Canacol Announces Results of DeGolyer and MacNaughton Audit of Proved Gas Reserves
Announcement Reference
SG251125OTHRF2AO
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 Announces Results of DeGolyer and MacNaughton Audit of Proved Gas Reserves

CALGARY, ALBERTA - (November 25, 2025) - Canacol Energy Ltd. ( Canacol or the Corporation ) (TSX:CNE; OTCID:CNNEQ; BVC:CNEC) announces that DeGolyer and MacNaughton has performed an audit of the extent and value of the estimated proved developed producing, proved developed, and total proved gas reserves of certain properties located in the Esperanza, VIM-5, and VIM-21 Blocks in Colombia in which Canacol holds an interest.

In comparing the detailed net proved developed producing, proved developed, total proved reserves estimates prepared by DeGolyer and MacNaughton and by BGEC, negative differences have been found, resulting in aggregate differences of 2.2 percent for the proved developed producing reserves, 7.6 percent for the proved developed reserves, and 7.7 percent for the total proved reserves.

It is DeGolyer and MacNaughton s opinion that the proved developed producing, proved developed, and total proved reserves estimates prepared by Canacol on the properties reviewed and referred to above, when compared on the basis of net reserves, in aggregate, do not differ significantly from those prepared by DeGolyer and MacNaughton.

Attachments

25.11.2025 - Canacol Announces Results of DeGolyer and MacNaughton Audit of Proved Gas Reserves.pdf
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