Canacol Energy Ltd Shares Latest Drilling Insights
Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is thrilled to share significant updates about its ongoing exploration and development drilling projects. These endeavors continue to solidify Canacol's position in the natural gas sector.
Kite-1 Exploration Well Overview
The Kite-1 exploration well commenced drilling on November 7, 2024, successfully reaching a total depth of 9,316 feet measured depth (MD). Positioned strategically between the Palmer and Pomelo gas fields, this well has demonstrated remarkable potential.
Gas Column Discovery
Within this well, a substantial 102 feet true vertical depth (TVD) of gross gas column was encountered in the CDO. The CDO was perforated across three distinct zones, allowing for flow tests to be conducted. Over a 24-hour test period, the well produced 6 million standard cubic feet per day (MMscfpd) for the first 12 hours, with pressures averaging 2247 psi, demonstrating robust gas production capabilities.
Production Set-Up
The well reached flow rates of 10.5 MMscfpd after undergoing a shut-in period for build-up, officially commencing production on November 26, 2024. This is an exciting development for the company and showcases the viability of its drilling program.
Nispero-2 Appraisal Well Results
Another noteworthy achievement is in the Nispero-2 well, drilled starting October 4, 2024, which attained a total depth of 10,915 feet MD. It uncovered a gross gas column of 625 feet TVD in the CDO reservoir.
Production Highlights
This well was perforated within two zones from 7,925 to 8,001 feet TVD and initiated production on November 13, 2024, currently flowing at approximately 9.5 MMscfpd. This adds to the positive momentum in Canacol’s operational output.
Current Activities with the Natilla-2 Exploration Well
Drilling has also commenced on the Natilla-2 exploration well as of November 2, 2024. This well targets a prominent natural gas prospect, focusing on the CDO and overlying Middle Porquero Formations.
Drilling Progress
Currently, the well is drilling to a depth of 10,405 feet MD, situated in the Upper Porquero Formation. The drilling operation is expected to continue for approximately three more weeks to reach its planned total depth of around 16,600 feet MD.
Pibe-1 Exploration Well on the Horizon
The Pibe-1 exploration well, which began drilling on November 23, 2024, is strategically located approximately 4 kilometers north of the recent Chontaduro-1 discovery. This project targets gas-bearing sandstones within the CDO reservoir.
Upcoming Results
At present, the Pibe-1 well is drilling ahead towards an anticipated total depth of about 11,000 feet MD, with results expected shortly. The diligent exploration activities underscore Canacol's commitment to enhancing its production capabilities.
Future Drilling Program for 2024
Looking ahead, Canacol is preparing to mobilize a drilling rig for the Clarinete-11 development well. This well aims to tap into gas-bearing sandstones of the CDO reservoir, situated on the VIM 5 exploration and production contract.
Anticipated Milestones
Spudding is anticipated in the second week of December, with results projected before year's end. This development marks a significant step in Canacol's ongoing efforts to expand its production portfolio in the coming months.
About Canacol Energy Ltd.
Canacol is a leading natural gas exploration and production company primarily active in Colombia. The company’s common stocks are traded on various platforms, including the Toronto Stock Exchange, OTCQX in the USA, and the Colombia Stock Exchange under the ticker symbols CNE, CNNEF, and CNE.C, respectively.
Frequently Asked Questions
What is the Kite-1 well's production rate?
The Kite-1 well is currently producing at a rate of 10.5 MMscfpd.
When was the Nispero-2 well put into production?
The Nispero-2 well initiated production on November 13, 2024.
What is the main target for the Natilla-2 well?
The Natilla-2 well targets a significant natural gas prospect within the CDO and overlying Middle Porquero Formations.
Where is the Pibe-1 well located?
The Pibe-1 well is located approximately 4 kilometers north of the Chontaduro-1 discovery in the VIM 21 contract area.
What is Canacol's mission?
Canacol Energy Ltd aims to enhance its natural gas production operations primarily in Colombia and maintain a leading position in the market.
For additional inquiries, please contact:
Investor Relations
South America: +571.621.1747
IR-SA@canacolenergy.com
Global: +1.403.561.1648
IR-GLOBAL@canacolenergy.com
