General Announcement::Canacol Energy Ltd. Announces Share Consolidation

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: 17-Jan-2023 21:38:55
Status: New
Announcement Sub Title: Canacol Energy Ltd. Announces Share Consolidation
Announcement Reference: SG230117OTHRLEN8
Submitted By (Co./ Ind. Name): Canacol Energy Ltd.
Designation: SGX-SE
Effective Date and Time of the event: 17/01/2023 17:00:00
Description (Please provide a detailed description of the event in the box below): Canacol Energy Ltd. Announces Share Consolidation

CALGARY, ALBERTA (January 17, 2023) Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) today announced that, following shareholder approval of a consolidation of the common shares of the Corporation ("Common Shares") on the basis of five (5) existing pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the "Consolidation") at the special meeting of the shareholders of the Corporation held on December 19, 2022, it has filed articles of amendment implementing the Consolidation.

The Common Shares will continue to be listed on the Toronto Stock Exchange (the "TSX") under the symbol "CNE" and the Common Shares are expected to begin trading on a post-Consolidation basis on the TSX on or about January 20, 2023. Following the Consolidation, the new CUSIP number for the Common Shares is 134808302 and the new ISIN for the Common Shares is CA1348083025.

Total size =66K