Canacol Energy Ltd. Provides June Gas Sales, Makes New Discovery at Cornamusa 1
Canacol Energy Ltd. reported a significant increase in natural gas sales, averaging 199 MMscfpd in June 2022, the highest since February 2020. The successful Cornamusa 1 exploration well, drilled on the VIM-5 Block, encountered multiple gas-filled sandstones, and is set for production testing soon. The company is also advancing its drilling program with the Toronja 3 and Claxon 1 wells. Additionally, Mr. William Satterfield has been promoted to Senior Vice President Exploration, succeeding Mr. Mark Teare.
- Gas sales reached 199 MMscfpd, marking a return to pre-COVID levels.
- Successful drilling of Cornamusa 1 well with multiple gas-filled sandstones.
- Ongoing drilling programs for Toronja 3 and upcoming Claxon 1 wells.
- Management changes with the promotion of Mr. Satterfield, enhancing exploration leadership.
- None.
CALGARY, Alberta, July 07, 2022 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its June 2022 natural gas sales and the results of the Cornamusa 1 exploration well, along with near term drilling plans.
Gas sales averaged 199 MMscfpd
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 199 million standard cubic feet per day (“MMscfpd”) for June 2022, representing the largest monthly sales volumes the Corporation has achieved since February 2020 after which Covid demand destruction ensued.
Cornamusa 1 exploration well successful
The Corporation completed the drilling of the Cornamusa 1 exploration well located on the VIM-5 Block operated by CNE OIL & GAS S.A.S. with
Forward Drilling Program – Cornamusa 1 exploration well and Toronja 3 development well.
The Corporation is currently drilling the Toronja 3 development well located on its
The other rig is being mobilized to drill the Claxon 1 exploration well, which is anticipated to spud in late July. Claxon 1 is located approximately 2 kilometers to the south of the recently announced Alboka 1 discovery which tested 33 MMscfpd from the CDO sandstone reservoir. Claxon 1 will target the same CDO sandstone reservoirs present at Alboka, and the Corporation anticipates that the well will take approximately 4 weeks to drill, complete, and test.
Executive Management Change
The Corporation announces that Mr. William Satterfield has been promoted to the role of Senior Vice President Exploration, replacing Mr. Mark Teare. Mr. Satterfield joined Canacol from Sanchez Oil and Gas Corporation where he served as Senior Vice President of New Ventures and Geosciences. Previously he worked for Occidental Petroleum for 22 years in the Americas, Middle East, Africa, and SE Asia in various geotechnical roles culminating as Exploration Manager in Bogota Colombia. Mr. Satterfield has a BSc and MA in geology from the University of Texas in Austin.
The Board of Directors and executive management team thank Mr. Teare for his leadership in the planning and execution of Canacol's exploration activities in Colombia which added significant value over the years. The Corporation wishes Mr. Teare continued success in all of his future endeavors.
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.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.
Realized contractual gas sales is defined as gas produced and sold plus gas revenues received from nominated take or pay contracts.
FAQ
What were Canacol Energy's natural gas sales in June 2022?
What did the Cornamusa 1 exploration well achieve?
Who is the new Senior Vice President of Exploration at Canacol Energy?
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