CANACOL ENERGY LTD - CNNEF STOCK NEWS

Canacol Energy Ltd. has signed a long-term gas sales contract with Empresas Publicas de Medellin E.S.P., enhancing its client base and gas sales. Starting December 1, 2024, Canacol will deliver approximately 21 MMscfpd, increasing to 54 MMscfpd by December 1, 2025, until November 30, 2035. A new pipeline will be constructed to facilitate this, with initial capacity of 100 MMscfpd, expandable to 200 MMscfpd. Additionally, a $75 million bridge loan has been amended to support the project, highlighting Canacol's commitment to energy transition and stable gas supply.

Canacol Energy Ltd. (TSX:CNE; OTCQX:CNNEF) announced a natural gas sales contract with EPM for supply in Antioquia starting December 1, 2024. The contract will deliver an initial volume of 21 MMscfpd, increasing based on demand. This marks a significant milestone for Canacol, diversifying its customer base and enhancing natural gas sales. The partnership aims to ensure long-term energy sufficiency and supports the region's economic growth and decarbonization efforts, aligning with national sustainability goals.

Canacol Energy Ltd. reported its Q2 2021 financial results, showing a 13% increase in realized natural gas sales volumes to 171.5 MMscfpd compared to Q2 2020. Average production rose by 15% to 173.1 MMscfpd during the same period. However, total natural gas revenues declined 1% for Q2, totaling $52.6 million. The company experienced a significant 86% drop in net income, reporting $2.4 million for Q2 2021, attributed to a deferred tax recovery in 2020. Adjusted funds from operations for Q2 increased by 8% to $33.6 million.

Canacol Energy Ltd. announced that its natural gas sales averaged 190 MMscfpd in July 2021, a rise from 175 MMscfpd in June 2021. The Aguas Vivas 2 appraisal well encountered 229 feet of net gas pay, confirming significant gas findings. Additionally, from July 1 to July 31, 2021, the company repurchased 980,000 shares at an average price of $3.26 per share, totaling 2,060,000 shares at an average of $3.31 since May 25, 2021.

Canacol Energy Ltd. (TSX:CNE; OTCQX:CNNEF) is set to release its second quarter 2021 financial results on August 5, 2021, after market closure. The company's senior management will discuss the results during a conference call scheduled for August 6, 2021, at 8:00 a.m. MST / 10:00 a.m. ET. Interested parties can access the call via dial-in or webcast. The financial results will be available on the company’s Investor Relations website, with a replay of the event accessible until August 13, 2021.

Canacol Energy Ltd. (TSX:CNE; OTCQX:CNNEF) reported an average of 175 MMscfpd in realized natural gas sales for June 2021. The company is actively engaging in a normal course issuer bid, having repurchased 880,000 shares during the month at an average price of CAN$3.38 per share. Since the initiation of this program on May 25, 2021, Canacol has repurchased a total of 1,080,000 shares at an average price of CAN$3.36. The corporation maintains operations primarily focused in Colombia.

Canacol Energy Ltd. announced the results of its annual general and special meeting held on June 28, 2021, in Bogotá, Colombia. Shareholders re-elected the Board of Directors, including Charle Gamba and Michael Hibberd, and appointed KPMG LLP as auditors. The long-term incentive plan was approved. Notably, Charle Gamba received 98.35% votes in favor, while other nominees secured over 90% approval, reflecting strong shareholder confidence. Full voting results are available in the Management Information Circular and Report of Voting Results on SEDAR.

Canacol Energy Ltd. encourages shareholders to avoid attending the upcoming meeting in person due to public health restrictions related to COVID-19. Instead, they should vote electronically via proxy. Only registered shareholders and proxyholders may attend, subject to health protocol compliance, including symptom checks. The meeting's format may change depending on evolving health guidelines, and a conference call option is available for real-time participation. Shareholders must submit questions in advance by June 27, 2021.

Canacol Energy Ltd. reported strong results from its Aguas Vivas 1 exploration well, achieving a flow rate of 35.5 million standard cubic feet per day (MMscfpd) with no water after testing. This well recorded the thickest net gas pay ever for the company at 412 ft TVD. The Aguas Vivas 2 well was spud on June 12, 2021, and aims for a total depth of approximately 8,419 ft MD. Additionally, Canacol announced a dividend of CAD $0.052 per share, payable on July 15, 2021, to shareholders on record by June 30, 2021.