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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. has declared a dividend of CAD $0.26 per share, payable on April 17, 2023, to shareholders recorded by the close of business on March 31, 2023. This dividend qualifies as an 'eligible dividend' for Canadian tax purposes. Payment will be made in Canadian dollars for shares traded on the Toronto Stock Exchange (TSX) and will be subject to a 25% withholding tax for non-resident shareholders unless a reduced treaty rate applies. Shareholders in Colombia will see their dividends adjusted per the exchange rate at the time of monetization. Future dividends remain at the Board's discretion.
Canacol Energy Ltd. (CNNEF) reported February 2023 natural gas sales of 191 million standard cubic feet per day (MMscfpd), reflecting strong contractual performance. The company is currently drilling the Natilla 1ST well to a planned depth of 16,000 feet, targeting gas-rich sand reservoirs. This drilling phase is expected to take approximately 6 weeks to complete. Canacol remains focused on its natural gas operations in Colombia, with trading on TSX, OTCQX, and the Colombia Stock Exchange.
Canacol Energy Ltd. has updated its credit facilities, announcing the termination of two expiring loans totaling $121 million and replacing them with a new $200 million senior unsecured revolving credit facility. This new facility, bearing an annual interest rate of SOFR + 4.5%, has a term expiring in February 2027, providing the corporation with greater financial flexibility. As of December 31, 2022, Canacol reported $59 million in cash, supporting its 2023 capital and dividend programs. The increase in credit availability by $79 million positions Canacol well for potential corporate opportunities.
Canacol Energy Ltd. reported natural gas sales of 185 million standard cubic feet per day for January 2023. This figure represents gas produced, delivered, and compensated under contractual agreements. The company continues to focus its operations in Colombia, trading under the ticker symbols CNE on the Toronto Stock Exchange and CNNEF on the OTCQX. The release also includes a caution on forward-looking statements, highlighting the risks and uncertainties associated with gas exploration and production.
Canacol Energy Ltd. (CNNEF) announced significant discoveries in gas and oil reservoirs across its drilling projects in Colombia. The Saxofon 1 well found 338 feet of gross gas pay in the Porquero and CDO reservoirs, while the Dividivi 1 well encountered 89 feet of gas pay. The Chimela 1 well, reaching 14,101 feet, revealed 85 feet of net oil and gas pay. The company also mentioned the ongoing Natilla 1 well sidetrack and upcoming drilling of the Lulo 1 well in mid-March 2023. Production test results are awaited for these wells, as Canacol continues to focus on expanding its natural gas operations in the region.
Canacol Energy Ltd. announced a consolidation of its common shares at a ratio of 5:1, approved by shareholders on December 19, 2022. The consolidation will reduce the number of outstanding shares from 170,557,290 to approximately 34,111,458, with trading on the Toronto Stock Exchange (TSX) expected to commence on a post-consolidation basis around January 20, 2023. The Colombian Stock Exchange (BVC) will halt trading from January 17, 2023, but will resume similarly around January 20. Proportional ownership and voting power for shareholders remain unchanged, except for minor adjustments due to fractional shares. Olympia Trust Company will facilitate the exchange of old share certificates for new ones.
Canacol Energy Ltd. reported December 2022 gas sales of 177 million standard cubic feet per day (MMscfpd). The sales reflect low interruptible gas due to high rainfall levels during the month. Despite challenging weather conditions impacting production, the company continues its focus on natural gas exploration and production in Colombia. The corporation's stock is traded under the ticker symbols CNE on the Toronto Stock Exchange and CNNEF on OTCQX.
On December 20, 2022, Canacol Energy Ltd. (CNNEF) revealed its 2023 capital budget of $138-$163 million, fully funded through existing cash and projected cash flows. Expected gas sales range from 160 to 206 million standard cubic feet per day (MMscfpd) with an average wellhead price of $4.95 to $5.09 per Mcf. The company aims to drill ten exploration wells and acquire 282 square kilometers of 3D seismic in 2023. Additionally, Canacol continues its Jobo to Medellin pipeline project, enhancing its capacity to over 300 MMscfpd by 2024 while maintaining shareholder returns through dividends and buybacks.
Canacol Energy Ltd. has announced the approval of a consolidation of its common shares at a special meeting held on December 19, 2022, in Bogotá, Colombia. Shareholders voted to consolidate every five outstanding shares into one new post-consolidation share. This move is expected to be effective on or about January 17, 2023. The Corporation also approved new by-laws during the meeting. Additional details can be found in the Management Information Circular dated November 9, 2022, and the Report of Voting Results, both accessible on SEDAR.
Canacol Energy Ltd. (CNNEF) has declared a dividend of CAD 0.052 per share, payable on January 16, 2023, to shareholders on record as of December 29, 2022. This dividend qualifies as an eligible dividend for Canadian tax purposes. For shareholders trading on the Colombia Stock Exchange, the Colombian peso equivalency will be based on the exchange rate certified by the Central Bank on the monetization date. The Board of Directors retains discretion over future dividend amounts and payments.
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