CALGARY, ALBERTA – (December 6, 2022) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE;
OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its November 2022
natural gas sales along with the exploration drilling plans for the remainder of 2022.
November Gas Sales of 162 MMscfpd
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 162 million standard
cubic feet per day for November 2022, representing low interruptible gas sales due to very high rainfall levels
during the month.
Remaining 2022 Exploration Drilling Program: Saxafon 1, Chimela 1, Natilla 1 and Dividivi 1
The Corporation spud the Saxafon 1 exploration well located on its 100% working interest VIM 5 E&P contract in
early December. Saxafon 1 is targeting gas bearing sands within the Cienaga de Oro (“CDO”) and Porquero
reservoirs. The Corporation anticipates that the well will take approximately four weeks to drill, complete, and test.
The Corporation spud the Chimela 1 exploration well located on its 100% working interest VMM 45 E&P contract
in mid November. Chimela 1 is targeting gas and oil bearing sandstones within the Tertiary Lisama reservoirs
which are productive in various nearby oil and gas producing fields. The Corporation anticipates that the well will
take approximately six weeks to drill, complete, and test.
The Corporation spud the Natilla 1 exploration well located on its 50% operated working interest SSJN 7 E&P
contract in late November. Natilla 1 is targeting gas bearing sandstones within the CDO and Porquero reservoirs.
The Corporation anticipates that the well will take approximately fifteen weeks to drill, complete, and test.
The Corporation is mobilizing the rig to drill the Dividivi 1 exploration well located on its 100% working interest
VIM 33 E&P contract. Dividivi 1 is targeting gas bearing sandstones of the CDO reservoirs. The Corporation
anticipates that the well will spud in early December and will take approximately four weeks to drill, complete, and
test