General Announcement::Canacol Energy Ltd. Provides March Gas Sales and drilling 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 Title: General Announcement
Date &Time of Broadcast: 05-Apr-2023 18:30:19
Status: New
Announcement Sub Title: Canacol Energy Ltd. Provides March Gas Sales and drilling Update
Announcement Reference: SG230405OTHR2MII
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. Provides March Gas Sales and drilling Update

CALGARY, ALBERTA (April 5, 2023) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its March 2023 natural gas sales and near term drilling program.

March Gas Sales of 182 MMscfpd

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 182 million standard cubic feet per day for March 2023.

Near term drilling program

The Corporation is preparing to spud the Lulo 1 exploration well and the Clarinete 8 development well. Lulo 1 exploration well is targeting the lower Cienaga de Oro Formation with strong AVO presence, located adjacent to the Corporation s processing facilities, which implies quick and low cost tie-in. Both wells are anticipated to spud in mid to late April 2023, and both are anticipated to take approximately 4 weeks to drill, complete, and production test.

Total size =78K