Canacol Energy Ltd. Provides May Gas Sales, Alboka 1 Exploration Well Tests 33 MMSCFPD

Article content material

CALGARY, Alberta, June 03, 2022 (GLOBE NEWSWIRE) — Canacol Power Ltd. (“Canacol” or the “Company”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is happy to supply the next data regarding its Could 2022 pure gasoline gross sales and the outcomes of the Alboka 1 exploration effectively, together with close to time period drilling plans.

Fuel gross sales averaged 189 MMscfpd for Could 2022

Realized contractual pure gasoline gross sales (that are gasoline produced, delivered, and paid for) have been roughly 189 million customary cubic toes per day (“MMscfpd”) for Could 2022.

Article content material

Alboka 1 exploration effectively checks 33 MMscfpd

The Company accomplished the drilling of the Alboka 1 exploration effectively situated on the VIM-5 Block 100% working curiosity and operated by CNE OIL & GAS S.A.S. Alboka 1 was spud on Could 5, 2022 and reached a complete depth of 10,155 toes measured depth on Could 18, 2022. The effectively encountered a number of gasoline crammed sandstones between 7,778 and 9,078 toes true vertical depth throughout the main Cienaga de Oro (“CDO”) sandstone reservoir goal with common porosity of twenty-two %.

The effectively was flowed for a complete of 24 hours with a mean manufacturing fee of 6 MMscfpd through the first 22 hour move interval, 23 MMscfpd manufacturing fee throughout the next 2 hour move and a last fee of 33 MMscfpd. The effectively is at the moment shut in for a stress construct up. The Company is commencing the laying of a move line to tie the effectively into everlasting manufacturing.

Article content material

Ahead Drilling Program – Cornamusa 1 exploration effectively and Toronja 3 growth effectively

The Petro Polar drilling rig is making ready to spud the Cornamusa 1 exploration effectively situated on the Firms 100% working curiosity VIM 21 E&P Contract. Cornamusa 1 is concentrating on gasoline bearing sands throughout the CDO sandstone reservoir. The Cornamusa 1 exploration effectively ought to take roughly 4 weeks to drill, check, and full.

The Pioneer drilling rig is being mobilized to drill the Toronja 3 growth effectively situated on its 100% working curiosity VIM 21 E&P contract. Toronja 3 is concentrating on gasoline bearing sandstone reservoirs throughout the Porquero Formation that are productive within the offsetting Toronja 1 and a couple of wells. The Company anticipates spudding the effectively in mid June 2022, which is deliberate to take 3 weeks to drill, full and tie in to everlasting manufacturing.

Article content material

About Canacol

Canacol is a pure gasoline exploration and manufacturing firm with operations targeted in Colombia. The Company’s frequent inventory trades on the Toronto Inventory Alternate, the OTCQX in the USA of America, and the Colombia Inventory Alternate underneath ticker image CNE, CNNEF, and CNE.C, respectively.

Ahead-Trying Statements

This press launch comprises sure forward-looking statements throughout the which means of relevant securities legislation. Ahead-looking statements are ceaselessly characterised by phrases resembling “plan”, “anticipate”, “challenge”, “intend”, “consider”, “anticipate”, “estimate” and different comparable phrases, or statements that sure occasions or situations “could” or “will” happen, together with with out limitation statements referring to estimated manufacturing charges from the Company’s properties and supposed work applications and related timelines. Ahead-looking statements are based mostly on the opinions and estimates of administration on the date the statements are made and are topic to a wide range of dangers and uncertainties and different elements that might trigger precise occasions or outcomes to vary materially from these projected within the forward-looking statements. The Company can’t guarantee that precise outcomes will probably be in line with these forward-looking statements. They’re made as of the date hereof and are topic to vary and the Company assumes no obligation to revise or replace them to mirror new circumstances, besides as required by legislation. Potential buyers shouldn’t place undue reliance on ahead trying statements. These elements embody the inherent dangers concerned within the exploration for and growth of crude oil and pure gasoline properties, the uncertainties concerned in decoding drilling outcomes and different geological and geophysical knowledge, fluctuating vitality costs, the opportunity of price overruns or unanticipated prices or delays and different uncertainties related to the oil and gasoline trade. Different danger elements may embody dangers related to negotiating with overseas governments in addition to nation danger related to conducting worldwide actions, and different elements, lots of that are past the management of the Company.

Realized contractual gasoline gross sales is outlined as gasoline produced and bought plus gasoline revenues acquired from nominated take or pay contracts.