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Canacol Energy Ltd. (TSX:CNE) declared a dividend of CAD $0.052 per share, payable on April 15, 2021, to shareholders recorded by March 31, 2021. The ex-dividend date is March 30, 2021. This dividend is an eligible dividend for Canadian tax purposes. Shareholders trading on the Colombia Stock Exchange will see their dividend subject to a 25% withholding tax. Registered non-resident shareholders must complete Form NR301 to qualify for reduced withholding tax rates. Future dividends will depend on the Board of Directors' discretion.
Canacol Energy Ltd. reported its 2020 financial and operational results, demonstrating resilience amid the COVID-19 pandemic. The 2020 EBITDAX rose 12% to $187.5 million, while the fourth quarter saw a 9% increase from Q3. Despite reduced drilling activities, Canacol replaced produced reserves and increased proved developed producing (PDP) reserves by 10%. Total natural gas revenues for the year rose 13% to $240.3 million. However, the company reported a net loss of $4.7 million, attributed mainly to a non-cash tax expense. Looking forward, Canacol plans to drill twelve wells in 2021 and expand its seismic activities.
Canacol Energy Ltd. (CNNEF) will announce its Q4 and fiscal year 2020 financial results on March 18, 2021, post-market closure. A conference call is scheduled for March 19, 2021, at 8:00 a.m. MST, to discuss these results. Interested participants can join via dial-in or webcast. The financial results will be accessible on the company's Investor Relations webpage and a replay will be available until March 26, 2021. Canacol focuses on gas exploration and production in Colombia, trading on multiple exchanges including TSX and OTCQX.
Canacol Energy Ltd. reported its conventional natural gas reserves for the fiscal year ending December 31, 2020. Key highlights include:
- Total Proved + Probable Reserves (2P) increased by 2.2% to 637 Bcf.
- Before tax NPV-10 for 2P reserves is estimated at US$ 1.7 billion.
- Reserves life index (RLI) is at 10.3 years, indicating strong production sustainability.
- The company achieved a reserve replacement rate of 122%.
- 2020 Finding and Development Cost (F&D) was US$ 0.84/Mcf.
These metrics reflect Canacol's robust drilling success in Colombia despite pandemic-related challenges.
Canacol Energy Ltd. reported an increase in natural gas sales for February 2021, averaging 187 MMscfpd, up 6% from January's 177 MMscfpd. The company completed drilling the Flauta 1 exploration well, which was unsuccessful and has been plugged, while the Oboe 2 development well produced gas and is being integrated into the Jobo processing facility. Upcoming drilling includes the Cañahuate 4 and Milano 1 wells, expected to start in mid-March 2021.
Canacol Energy Ltd. has announced the appointment of Mr. Juan Argento to its Board of Directors as of February 12, 2021. Mr. Argento brings extensive experience in energy, finance, and capital markets, currently serving as a Managing Partner at Horizon Capital. He has a background in advising investments in oil & gas and other sectors while also having founded Circulo Asegurador, an online insurance broker in South America. Canacol, focused on natural gas exploration in Colombia, trades under the symbols CNE, CNNEF, and CNE.C.
Canacol Energy Ltd. reported a strong performance in January 2021, with natural gas sales averaging 177 MMscfpd. The company initiated drilling on the Flauta 1 and Oboe 2 wells, both targeting gas in the Cienega de Oro sandstone reservoir. Additionally, Fitch Ratings affirmed Canacol's long-term rating of 'BB-' and revised the outlook to Positive, citing factors like contracted revenues and a predictable cash flow. Canacol remains a key gas supplier for Colombia's Caribbean coast, highlighting its importance in the regional energy market.