Canacol Energy Ltd. Provides Update on Canadian Business Journal’s Gas Sales and Drilling Program

CALGARY, Alberta, October 3, 2022 (GLOBE NEWSWIRE) — Canacol Energy Ltd. (“Canacol” or “Corporation”) (TSX:CNE; OTCQX:CNEF; BVC:CNEC) announces the following information about the company: We are happy to provide. August and September 2022 natural gas sales and Canaflecha 2 and Claxon 1 well results, as well as the remainder of the 2022 exploration drilling program.

Gas sales in August and September

Realized contractual natural gas sales (gas production, delivery and payment) of 166 million standard cubic feet per day (“MMscfpd”) in August 2022 and 191 MMscfpd in September 2022 did. Thermoelectric generators on the Atlantic coast have declined due to electrical network maintenance. This, combined with reservoir height from heavy rainfall, temporarily reduced interruptible gas sales, which returned to normal levels in September.

Klaxon 1 Expedition Successfully Completed

The company has completed drilling of the Claxon 1 exploration well under the VIM-5 Exploration and Production (“E&P”) contract, operated 100% by CNE OIL & GAS SAS. Claxon 1 is located approximately 2 kilometers south of his Alboka 1 discovery, which tested 33 MMscfpd from the Cienaga de Oro (“CDO”) sandstone reservoir. Klaxon 1 he was spudd on 25 July 2022 and reached a total measured depth (“ft md”) of 11,708 feet on 15 August 2022. Multiple gas-filled sandstones between 7,725 and 8,950 feet true vertical depth (“ft TVD”) are often encountered. ”) within the main CDO sandstone reservoir target. The well was completed and drilled between TVD 9037-9062 and 9101-9172 feet. Both the Claxon 1 and Alboka 1 are now tied to permanent production, after which the Claxon 1 will undergo production testing.

Canaflecha 2 well test 7 MMscfpd

The company has completed drilling the Canaflecha 2 well in the Esperanza block, wholly owned and operated by CNE OIL & GAS SAS. Canaflecha 2 he was spudd on August 11, 2022 and on August 20, 2022 he reached a total depth of 7,394 feet md. The well encountered multiple gas-filled sandstones between 4,250 and 6,400 ft TVD within the main CDO sandstone reservoir target.

After completion, the CDO was drilled between 6612-6635 feet and the TVD at 6654-6668 feet. The well was tied into permanent production via an existing 4-inch flowline and tested for 37 hours at an average rate of 4.3 MMscfd and a final he 6.5 MMscfd. After testing, the well was put into permanent production.

Clarinete 7 development well

The company has completed drilling the Clarinete 7 development well under the VIM-5 E&P contract, which is wholly owned and operated by CNE OIL & GAS SAS. Clarinete 7 he spudd on September 12, 2022 and reached a total depth of 7,479 feet md on September 18, 2022. The well encountered multiple gas-filled sandstones between 5,800 and 6,050 feet TVD within the main CDO sandstone reservoir target. Wells are tied to permanent production.

Forward Exploration Drilling Programs: Saxafon 1, Chimela 1, Dividivi 1, and Natilla 1

The company has contracted the rig and is preparing the drilling site for the Saxafon 1 exploration well located under the 100% interest VIM 5 E&P contract. Saxafon 1 targets gas-bearing sands in the CDO and Porquero reservoirs. The company expects the well to erupt in November 2022, taking about six weeks to drill, complete and test.

The company is preparing the drilling site for the Chimera 1 exploration well under its 100% interest VMM 45 E&P contract. Chimela 1 targets gas-bearing sandstones in the Tertiary Lisama Reservoir. These sandstone reservoirs are productive in various nearby oil and gas producing fields. The company expects the well to blow up in November 2022 after mobilizing the rig from its Clarinete 7 location, which will take about six weeks to drill, complete and test.

The company is preparing the drilling site for the Dividivi 1 exploration well under its 100% interest VIM 33 E&P contract. Dividivi 1 targets gas-bearing sandstones in CDO reservoirs. The company expects the well to erupt in November 2022, taking about four weeks to drill, complete and test.

The company has contracted the rig and is preparing the drilling site for the Natilla 1 exploration well which is on the 50% operating interest SSJN 7 E&P contract. Natilla 1 targets gas-bearing sandstones in the CDO and Porquero reservoirs. The company expects the well to erupt in November 2022 and take about 15 weeks to drill, complete and test.

Completed 3D seismic survey of VIM 5 block

The company has successfully completed the acquisition of 496 square kilometers of 3D seismometers under the VIM-5 E&P contract operated by CNE OIL & GAS SAS. 3D seismic surveys were obtained in areas not previously covered by his 3D seismic surveys, adjacent to his 3D seismic surveys of the company’s active production areas. Several CDO and Porquero exploration prospects have been identified for the 2023 drilling campaign, based on fast-track processing and interpretation of the initial portion of the study.

About Canacor

Canacol is a Colombian-based natural gas exploration and production company. The company’s common stock trades on the Toronto Stock Exchange, his OTCQX in the United States, and the Columbia Stock Exchange under the ticker symbols CNE, CNNEF, and CNEC, respectively.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements often use words such as “plans,” “expects,” “anticipates,” “intends,” “believes,” “forecasts,” “estimates,” Characterized by a description of an event or situation. This includes, but is not limited to, statements regarding estimated production rates from our assets, intended work programs and associated timelines. Forward-looking statements are based on management’s opinions and estimates at the time the statements were made and are subject to various risks and uncertainties that could cause actual events or results to differ materially from those projected in the future. subject to other factors that may The statement you are looking for. We cannot guarantee that our actual results will match those forward-looking statements. They are made as of the date hereof, are subject to change and, except as required by law, we undertake no obligation to revise or update them to reflect new circumstances. . Future investors should not place undue reliance on forward-looking statements. These factors include the inherent risks associated with exploration and development of crude oil and natural gas properties, the uncertainties associated with interpreting drilling results and other geological and geophysical data, energy price volatility, and costs. Includes potential for overages or unexpected costs or delays. Other uncertainties associated with the oil and gas industry. Other risk factors may include risks associated with dealing with foreign governments, country risks associated with conducting international activities and other factors, many of which are beyond our control. .

Realized contractual gas sales are defined as gas revenues received from gas production and sales and named take-or-pay contracts.

For more information, please contact:

PR for investors
South America: +571.621.1747 [email protected]
Global: +1.403.561.1648 [email protected]

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