Canacol Energy Ltd. Provides Sales and Operations Update
7:00 am ET January 4, 2022 (Globe Newswire) Print
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its December 2021 natural gas sales, the Clarinete 6 development well, near term drilling plans for 2022, and the Corporations normal course issuer bid.

Gas sales averaged 183 MMscfpd for December 2021

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 183 million standard cubic feet per day ("MMscfpd") for December 2021.

Clarinete 6 development well encounters 174 feet of net gas pay

The Clarinete 6 development well was spud on December 9, 2021 and reached a total depth of 7,478 feet measured depth on December 15, 2021. The well encountered 174 feet true vertical depth of net gas pay with an average porosity of 22% within the primary Cienaga de Oro sandstone reservoir target. The Clarinete 6 well was tied into the Clarinete production manifold and has been placed on permanent production.

Near term drilling program

The rig is currently mobilizing to drill the Toronja 2 development well, which is targeting gas bearing sandstones within the Porquero sandstone reservoir. Toronja 2 is anticipated to take approximately 3 weeks to drill and complete, and will be tied into permanent production by late January 2022. Following the completion of the Toronja 2 well, the rig will be mobilized to spud the Carambolo 1 exploration well, which the Corporation anticipates spudding in the latter half of February 2022. The Carambolo 1 exploration well will take approximately 5 weeks to drill and complete.

Normal course issuer bid

During December 2021, the Corporation repurchased 369,800 shares at an average price of $3.18 per share. Since May 25, 2021 the Corporation has repurchased a total of 3,348,500 shares at an average price of $3.24 per share.

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