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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. reported an average natural gas sales of 182 MMscfpd for November 2021. The Siku 1 exploration well, drilled in mid-November, found 33 feet of net gas pay in the Cienaga de Oro sandstone reservoir, with average porosity of 20%. The company is moving ahead with the Clarinete 6 development well, expected to take 5 weeks, targeting productive gas sandstones. Additionally, Canacol repurchased 205,000 shares in November, part of its ongoing buyback program, totaling 2,978,700 shares since May at an average price of $3.25.
Canacol Energy Ltd. has successfully completed a U.S. $500 million offering of 5.75% senior unsecured notes due 2028. The proceeds will be utilized to refinance existing 7.250% senior notes due 2025, cover related fees, refinance additional debt, and for general corporate purposes. By replacing the higher-interest 2025 notes, Canacol aims to reduce its interest costs, defer significant debt maturity by three years, and enhance liquidity for capital expenditures. The Notes are offered only to qualified institutional buyers and have not been registered under the Securities Act.
Canacol Energy Ltd. announced early tender results for a cash tender offer and consent solicitation concerning its 7.250% Senior Notes due 2025. As of the early tender deadline on November 22, 2021, approximately 89.88% of the outstanding Notes, totaling $287.63 million, were tendered. Holders who participated will receive $1,065.85 for every $1,000 of Notes, including a $50 early tender payment. The early settlement is expected on November 23, 2021. Canacol intends to exchange the Notes with certain new notes issued in a forthcoming offering.
Canacol Energy Ltd. announced the pricing of its offering of senior unsecured notes, totaling U.S.$500 million, known as the 2028 Notes, with an interest rate of 5.75% per annum. The notes will mature in 2028 and will be guaranteed by certain subsidiaries. Proceeds will primarily be used to refinance existing debt, including the 7.250% Senior Notes due in 2025, and for general corporate purposes. This move aims to improve liquidity and reduce interest costs.
On November 8, 2021, Canacol Energy Ltd. announced a cash tender offer to purchase all outstanding 7.250% Senior Notes due 2025 for holders registered in the offering. The total consideration offered is U.S.$1,065.85 per U.S.$1,000 principal amount, which includes an early tender payment. Holders must deliver their consents to proposed amendments to the Notes, including eliminating restrictive covenants. The offer will expire on December 7, 2021, with an early tender deadline on November 22, 2021. The transaction is aimed at facilitating a future new offering of notes by Canacol.
Canacol Energy Ltd. (CNNEF) reported robust Q3 2021 results with a 21% increase in EBITDAX to $53.8 million and a 14% rise in adjusted funds from operations to $38.2 million. Natural gas sales volumes rose 11% to 190.6 MMscfpd, leading to a 16% increase in natural gas revenues to $65.5 million year-over-year. The net income surged 237% to $8.8 million. Canacol also continued its commitment to sustainability with ongoing ESG strategies and declared an eighth consecutive dividend of C$0.052 per share.
Canacol Energy Ltd. will announce its third quarter 2021 financial results on November 4, 2021, after market closure. A conference call to discuss these results is scheduled for November 5, 2021, at 8:00 a.m. MST / 10:00 a.m. ET. The call can be accessed via pre-registration or by phone. Financial results will be available on the company's Investor Relations webpage, and a replay of the webcast will be accessible until November 12, 2021.
Canacol Energy Ltd. (CNNEF) reported an average of 200 million standard cubic feet per day (MMscfpd) in natural gas sales for September 2021. The recently spud San Marcos 1 well encountered 105 feet of net gas pay and is undergoing production testing ahead of permanent production. The company is mobilizing to drill the Corneta 1 well, targeting gas-bearing sandstones, expected to take four weeks. Following this, the Siku 1 well will be drilled, anticipated to last five weeks. These developments may enhance Canacol's gas production capacity.
On September 16, 2021, Canacol Energy Ltd. announced a dividend of CAD$0.052 per share, payable on October 15, 2021. Shareholders of record by September 30, 2021, will receive this dividend, with an adjusted ex-dividend date of September 28, 2021, due to a statutory holiday in Canada. Canacol focuses on natural gas exploration and production in Colombia, trading on the TSX, OTCQX, and Colombia Stock Exchange under various ticker symbols.
Canacol Energy Ltd. declared a dividend of CAD $0.052 per share, payable on October 15, 2021, to shareholders of record as of September 30, 2021. The ex-dividend date is set for September 29, 2021. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. Payments for shares traded on the Toronto Stock Exchange will be made in Canadian dollars, while payments on the Colombian Stock Exchange will be subject to exchange rate calculations based on the Colombian peso. Shareholders should complete Form NR301 for tax purposes.
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