Canacol Energy Ltd. Provides Update on Gas Sales and Drilling Programs
Canacol Energy Ltd. reported its natural gas sales of 166 MMscfpd in August and 191 MMscfpd in September 2022. The Claxon 1 well, successfully completed, is expected to enhance production alongside the Canaflecha 2 well, which tested 6.5 MMscfpd. The company has initiated a forward exploration drilling program targeting gas-bearing sands, with plans to drill multiple wells in November 2022. Additionally, Canacol completed a 3D seismic survey in the VIM-5 block, identifying prospects for 2023 drilling.
- Natural gas sales increased from 166 MMscfpd in August to 191 MMscfpd in September 2022.
- Successful completion of Claxon 1 well, expected to boost production.
- Canaflecha 2 well tested an average rate of 6.5 MMscfpd and is now in permanent production.
- Ongoing exploration drilling program with multiple wells scheduled to spud in November 2022.
- Completion of 496 square kilometers of 3D seismic survey in VIM-5 block, identifying new prospects.
- None.
CALGARY, Alberta, Oct. 03, 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 August and September 2022 natural gas sales and the results of the Canaflecha 2 and Claxon 1 wells, along with the exploration drilling plans for the remainder of 2022.
August and September Gas Sales
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 166 million standard cubic feet per day (“MMscfpd”) for August 2022, and 191 MMscfpd for September 2022. In the month of August consumption of gas by thermoelectric generators on the Atlantic coast decreased due to the maintenance of electrical networks. This, coupled with high reservoir levels due to intense rains, temporarily reduced interruptible gas sales which recovered to normal levels in September.
Claxon 1 Exploration Well Successful
The Corporation completed the drilling of the Claxon 1 exploration well located on the VIM-5 Exploration and Production (“E&P”) contract operated by CNE OIL & GAS S.A.S. with
Canaflecha 2 Well Tests 7 MMscfpd
The Corporation completed the drilling of the Canaflecha 2 well located on the Esperanza Block, operated by CNE OIL & GAS S.A.S. with
Following completion, the CDO was perforated between 6612 – 6635 and 6654 – 6668 ft TVD. The well was tied into permanent production via an existing 4-inch flow line and tested for 37 hours at an average rate of 4.3 MMscfd and a final rate of 6.5 MMscfpd. Following the test, the well was placed on permanent production.
Clarinete 7 Development Well
The Corporation completed the drilling of the Clarinete 7 development well located on the VIM-5 E&P contract operated by CNE OIL & GAS S.A.S. with
Forward Exploration Drilling Program: Saxafon 1, Chimela 1, Dividivi 1, and Natilla 1
The Corporation has contracted a rig and is preparing the location for the drilling of the Saxafon 1 exploration well located on its
The Corporation is preparing the location for the drilling of the Chimela 1 exploration well located on its
The Corporation is preparing the location for the drilling of the Dividivi 1 exploration well located on its
The Corporation has contracted a rig and is preparing the location for the drilling of the Natilla 1 exploration well located on its
Completion of 3D seismic in VIM 5 Block
The Corporation has successfully completed the acquisition of 496 square kilometers of 3D seismic located on the VIM-5 E&P contract operated by CNE OIL & GAS S.A.S. with
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 CNEC, 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.
For more information please contact:
Investor Relations
South America: +571.621.1747 IR-SA@canacolenergy.com
Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com
FAQ
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