General Announcement::Canacol Energy Closes First Subsequent Advance Under DIP Financing

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
10-Mar-2026 05:09:51
Status
New
Announcement Sub Title
Canacol Energy Closes First Subsequent Advance Under DIP Financing
Announcement Reference
SG260310OTHRFCUD
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 Closes First Subsequent Advance Under DIP Financing

Calgary, Alberta (March 9, 2026) ( Canacol or the Company ) refers to its prior announcement regarding the Company s agreement for debtor-in-possession financing and related documentation (the DIP Financing ). In that announcement, the Company disclosed entry into a commitment letter governing the DIP Financing (collectively, as amended or restated from time to time, the DIP Commitment Letter ) with an ad hoc group of holders of the Company s 5.75% senior unsecured notes due 2028 and/or their affiliates, funds, and accounts that agreed to provide credit support in connection with the DIP Financing (the DIP Lenders ). The DIP Financing and DIP Commitment Letter were approved by the Alberta Court of King s Bench (the Canadian Court ) pursuant to an Order of the Canadian Court dated December 11, 2025 (the Second Amended and Restated CCAA Initial Order ). The Second Amended and Restated CCAA Initial Order was recognized by the United States Bankruptcy Court for the Southern District of New York (the U.S. Court ) pursuant to a recognition order of the U.S. Court dated December 18, 2025, in the Company s recognition proceedings under Chapter 15 of title 11 of the United States Bankruptcy Code. The Company also refers to its prior announcement on January 7, 2026 announcing the closing and receipt of net proceeds from the initial advance under the DIP Commitment Letter.
The Company announces the closing of the first subsequent advance under the DIP Commitment Letter after the satisfaction or waiver of all conditions precedent to such advance set out in the DIP Commitment Letter. The Company continues to work with its advisors, KPMG Inc., in its capacity as the court-appointed Monitor of the Company in its CCAA Proceedings (in such capacity, the Monitor ) and the DIP Lenders and their advisors towards satisfying the conditions precedent to additional subsequent advances under the DIP Commitment Letter.
In connection with the Company s ongoing reporting obligations under the DIP Commitment Letter, the Company confirms that certain material non-public information regarding the Company and its affairs ( MNPI ) was provided to the DIP Lenders. The MNPI has been posted to the website of the Monitor, at: https://kpmg.com/ca/canacol, where such information is available for review by all persons. Investors should continue to monitor the Monitor s website for material updates and other important information regarding Canacol, its business, operations and results, and its insolvency proceedings.
About Canacol
Canacol Energy Ltd. is a natural gas exploration and production company with operational activities in Colombia.

Attachments

09.03.2026 - Canacol Energy Closes First Subsequent Advance Under DIP Financing.pdf
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