Canadian Natural Resources Limited Provides an Update on the South Africa Block 11B/12B

Rhea-AI Summary

Canadian Natural Resources Limited announced a significant gas condensate discovery at the Luiperd prospect in South Africa's Outeniqua Basin, approximately 175 kilometers off the southern coast. This follows the Brulpadda discovery in 2019. The Luiperd well was drilled to about 3,400 meters, encountering 73 meters of net gas condensate pay in high-quality Lower Cretaceous reservoirs. Canadian Natural expects costs for this well to be fully covered under Farm Out Agreements.

Positive

• Significant gas condensate discovery at Luiperd prospect.
• 73 meters of net gas condensate pay found.
• Costs expected to be fully carried under Farm Out Agreements.

Negative

• None.

CALGARY, Alberta, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) announces that in connection with the Company’s 20% working interest in South Africa Block 11B/12B, the operator has made a significant gas condensate discovery on the Luiperd prospect, located in the Outeniqua Basin, 175 kilometers off the southern coast of South Africa. This discovery follows the previously announced Brulpadda discovery in 2019.

The Luiperd well was drilled to a total depth of approximately 3,400 meters and encountered 73 meters of net gas condensate pay in well-developed, good quality, Lower Cretaceous reservoirs. Following a comprehensive coring and logging program, the well will be tested to assess the dynamic reservoir characteristics and deliverability.

Canadian Natural expects the costs for this well to be fully carried pursuant to Farm Out Agreements.

Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.

CANADIAN NATURAL RESOURCES LIMITED

2100, 855 - 2nd Street S.W. Calgary, Alberta, T2P4J8 Phone: 403-514-7777   Email: ir@cnrl.com www.cnrl.com

TIM S. MCKAY President MARK A. STAINTHORPE Chief Financial Officer and Senior Vice-President, Finance JASON M. POPKO Manager, Investor Relations Trading Symbol - CNQ Toronto Stock Exchange New York Stock Exchange

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Refer to our website for complete forward-looking statements www.cnrl.com

FAQ

What is the significance of the Luiperd discovery for Canadian Natural Resources Limited (CNQ)?

The Luiperd discovery is significant as it adds to Canadian Natural's portfolio, indicating potential for increased production and revenue.

What are the details of the gas condensate discovery at the Luiperd well by CNQ?

The Luiperd well was drilled to approximately 3,400 meters and found 73 meters of net gas condensate pay.

How does the Luiperd discovery impact the future operations of Canadian Natural (CNQ)?

The discovery may enhance Canadian Natural's operational scope in South Africa and lead to increased production opportunities.

What are the financial implications of the Luiperd discovery for CNQ shareholders?

Costs for the Luiperd well are expected to be fully covered, potentially minimizing financial risks for shareholders.