General Announcement::Canacol Energy Ltd Provides 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 Details

Announcement Title
General Announcement
Date &Time of Broadcast
20-Dec-2024 19:58:38
Status
New
Announcement Sub Title
Canacol Energy Ltd Provides Drilling Update
Announcement Reference
SG241220OTHR7VP5
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 Ltd Provides Drilling Update

CALGARY, ALBERTA (December 20, 2024) - Canacol Energy Ltd. ( Canacol or the Corporation ) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following update concerning its ongoing exploration and development drilling programs.

Pibe-1 Exploration Well (VIM-21 Exploration and Exploitation Contract 100% Operated Interest)

The Pibe-1 exploration well was spud on November 23 2024, and reached a total depth of 11,000 feet measured depth ( ft MD ). The well is located approximately 4 kilometers to the north of the recent Chontaduro-1 discovery. The well encountered 1,044 feet true vertical depth ( ft TVD ) of gross gas column within the Cienaga de Oro ( CDO ) sandstone reservoir.

The CDO was perforated across one zone located between and 7,424 ft and 7433 ft TVD and was flow tested at 3.8 million standard cubic feet per day ( MMscfpd ) for 3.7 hours with an average tubing head pressure ( THP ) of 2701 psi, and subsequently 5.1 MMscfpd for 41.5 hours with an average THP of 2628 psi. The well was placed on permanent production on December 13 2024 and is currently flowing at a rate of 5.5 MMscfpd.

Natilla-2 Exploration Well (SSJN-7 Exploration and Production Contract 100% Operated Interest)

The Natilla-2 exploration well was spud on November 2 2024, and is targeting a large natural gas prospect with primary and secondary targets within the CDO and overlying Middle Porquero Formations respectively.

The well has reached a depth of 13,631 ft MD within the mid Porquero Formation, where drilling difficulties were encountered. The current operation is tripping out of the hole to change the configuration of the bottom hole assembly and then resume drilling to the main targets within the next week.

Go Forward Drilling Program for Remainder of 2024

The Corporation has spud the Pibe-2 appraisal well located on the VIM-21 Exploration and Exploitation Contract (100% operated working interest) from the existing Pibe-1 drilling platform. The Corporation anticipates results within the next 3 weeks.

The Corporation anticipates spudding the Clarinete-11 development well located on the VIM-5 Exploration and Production Contract (100% Operated Working Interest) within the next 2 days. The well is targeting gas bearing sandstones of the CDO reservoir with results expected prior to year end.


About Canacol

Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.

Attachments

20.12.2024 - Canacol Energy Ltd Provides Drilling Update.pdf
Total size =106K