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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. (OTCQX: CNNEF) will announce its second quarter 2022 financial results on August 11, 2022, after market closure. A conference call to discuss these results is scheduled for August 12, 2022, at 8:00 a.m. MST / 10:00 a.m. ET. Investors can access the call through a toll-free number or via webcast. All remarks made during the call are current as of that time. The financial results will be available on the Investor Relations section of the company’s website. Canacol is primarily involved in natural gas exploration and production in Colombia.
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.
On June 24, 2022, Canacol Energy Ltd. held its annual general and special meeting in Bogotá, Colombia. Shareholders re-elected eight members to the Board of Directors, including Charle Gamba and Michael Hibberd, and appointed KPMG LLP as auditors. The omnibus long-term incentive plan was re-approved. Detailed voting results indicated strong support for the board, with Charle Gamba receiving 98.7% approval and Michael Hibberd at 87.2%. Further details are available in the Management Information Circular and Report of Voting Results on SEDAR.
Canacol Energy Ltd. (CNNEF) announced a dividend of CAD $0.052 per share, payable on July 15, 2022, for shareholders on record by June 30, 2022. This dividend qualifies as an eligible dividend for Canadian tax purposes. Payment will occur in Canadian Dollars for shares traded on the Toronto Stock Exchange, while Colombian shareholders will see payments converted at the central bank's exchange rate. Shareholders eligible for a reduced withholding tax must complete Form NR301 to avoid the standard 25% tax rate. The timing and amount of future dividends remain at the Board's discretion.
Canacol Energy Ltd. (CNNEF) reported an average of 189 MMscfpd in natural gas sales for May 2022. The Alboka 1 exploration well, completed on May 18, yielded a maximum production rate of 33 MMscfpd after testing, targeting gas-filled sandstones. The company plans to commence drilling the Cornamusa 1 exploration well shortly, with a timeline of 4 weeks for drilling and testing, alongside the Toronja 3 development well expected to start by mid-June 2022, taking approximately 3 weeks to complete.
Canacol Energy Ltd. reported its financial results for Q1 2022, showing a 2% increase in realized natural gas sales volumes to 181.8 MMscfpd. Total revenues rose 10% to $64.3 million, driven by higher production and average sales prices. The company achieved a net income of $24.4 million compared to a net loss in Q1 2021. Adjusted funds from operations decreased 12% to $33.8 million, attributed to higher tax expenses. Notably, the corporation maintained a strong cash position with $126.1 million in cash and equivalents.
Canacol Energy Ltd. (TSX:CNE; OTCQX:CNNEF) announced its April 2022 natural gas sales averaged 179 MMscfpd, with completed drilling at the Chirimia 1 site, showing approximately 20 feet of net gas pay in the Cienaga de Oro sandstone reservoir. The company plans to drill two more wells, Alboka 1 and Cornamusa 1, by mid-May 2022, each taking about 5 weeks to complete. Additionally, the Jobo-Medellin Gas Pipeline project has been declared a Project of Strategic National Interest by the Colombian government, which should expedite its progress.
Canacol Energy Ltd. (TSX:CNE; OTCQX:CNNEF) will announce its Q1 2022 financial results on May 12, 2022, after market closure. A conference call to discuss these results is scheduled for May 13, 2022, at 8:00 a.m. MST / 10:00 a.m. ET. Interested parties can access the call by pre-registering or using the provided dial-in details and webcast link. The financial results will be available on the company's website, with a replay accessible until May 20, 2022. The corporation focuses on natural gas exploration and production in Colombia.
Canacol Energy Ltd. (CNNEF) announced the results of an independent audit by Boury Global Energy Consultants, confirming a significant potential for its Pola-1 natural gas prospect in the Middle Magdalena Valley, Colombia. The audit estimated un-risked mean resources at 1,161 Bcf and risked mean resources at 470 Bcf as of December 31, 2021. The Pola-1 well, anticipated to be drilled in Q3 2022, targets one of 18 leads in the promising deep Cretaceous La Luna play. As Colombia's largest independent gas producer, Canacol is well-positioned to capitalize on its proximity to infrastructure and existing market demand.
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