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Canacol Energy Ltd. is a Canadian-based international junior energy company with production and exploration operations in South America. The company's focus is on Colombia, Brazil, and Guyana, with offices in Calgary, Bogota, and Rio de Janeiro. Canacol aims to build a stable production platform and expand through exploration in its key countries. With successful acquisitions in Colombia and Brazil, Canacol has a diverse portfolio of exploration opportunities. As a qualified operator in Colombia and Brazil, Canacol can participate in exploration rounds and negotiate contracts with government entities.
Canacol Energy Ltd. announced March 2023 natural gas sales of 182 million standard cubic feet per day (MMscfpd). The company is preparing to spud two wells: the Lulo 1 exploration well and the Clarinete 8 development well, targeting productive formations near its processing facilities.
Both wells are expected to spud in mid to late April 2023 and will take approximately four weeks to complete and production test. Canacol operates primarily in Colombia, trading under the ticker CNNEF on OTCQX.
Canacol Energy Ltd. (OTCQX: CNNEF) reported its financial and operating results for 2022, showing a mixed performance. Total natural gas revenues decreased by 3% to $65.1 million for Q4, while annual revenues rose by 9% to $264.9 million. Sales volumes declined 6% in Q4 but increased 1% for the year. The corporation recognized a significant net income of $133.7 million in Q4, largely due to a tax recovery from a corporate restructuring. However, adjusted funds from operations showed an outflow of $17 million in Q4, down from an inflow of $43.7 million in 2021. Canacol is focusing on exploration and increasing gas sales through infrastructure development.
Canacol Energy Ltd. will announce its fourth quarter and fiscal year 2022 financial results on March 27, 2023, after market close. Senior Management will discuss the results during a conference call on March 28, 2023, at 9:00 a.m. MST / 11:00 a.m. ET. Investors can access the call via dial-in or webcast. The financial results will be available on the company's Investor Relations website, and a replay of the call will be accessible until April 4, 2023. Canacol focuses on natural gas exploration and production in Colombia, with stock trading on TSX, OTCQX, and BVC under the symbols CNE, CNNEF, and CNEC.
Canacol Energy Ltd. reported its year-end reserves for 2022, highlighting a 7.5% increase in total proved plus probable (2P) reserves to 652 Bcfe, with a before-tax net present value (NPV) of US$1.9 billion. The company achieved a 169% reserve replacement ratio. Proved developed producing (PDP) reserves decreased by 31.5% to 161.6 Bcfe, while total proved (1P) reserves dropped by 7.9%. The report indicates a positive outlook with a significant number of identified prospects and successful exploration campaigns. The net asset value per share for 2P reserves stands at CAD$53.79.
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