Canacol Energy Ltd's Recent Drilling Progress and Insights

Significant Drilling Updates from Canacol Energy Ltd

Calgary-based Canacol Energy Ltd. is excited to share its latest developments in exploration and drilling activities. As a prominent player in natural gas exploration, Canacol is fully committed to enhancing its operations in Colombia, evident from their recent initiatives.

Pibe-1 Exploration Well Progress

One of the highlights of Canacol's recent drilling endeavors is the Pibe-1 exploration well, which commenced operations recently. Situated about 4 kilometers north of the Chontaduro-1 discovery, the Pibe-1 has reached a total depth of 11,000 feet measured depth. During the drilling process, the well successfully encountered a significant 1,044 feet of gross gas column within the Cienaga de Oro sandstone reservoir.

To optimize gas extraction, the reservoir was perforated at a depth of 7,424 ft to 7,433 ft. The initial flow test revealed impressive results, with an output of 3.8 million standard cubic feet per day for a short period, followed by a remarkable 5.1 million standard cubic feet per day during an extended test. Currently, the well is performing well, producing at a stable rate of 5.5 million standard cubic feet per day since its transition to permanent production.

Updates on Natilla-2 Exploration Well

In addition to Pibe-1, Canacol is also making strides with the Natilla-2 exploration well. Launched earlier this month, this well aims to tap into a substantial natural gas prospect characterized by primary and secondary targets within the CDO and overlying Middle Porquero Formations. While drilling has encountered some challenges at the current depth of 13,631 feet, adjustments to the drilling assembly are planned to ensure a continuation of efforts towards the main targets.

Future Drilling Goals

Looking ahead, Canacol has ambitious plans for its drilling program within the remainder of the year. The company is moving forward with the drilling of the Pibe-2 appraisal well, utilizing the existing Pibe-1 drilling platform. Expected results from this well are anticipated in just a few weeks, which could play a vital role in the company’s overall gas production strategy.

Furthermore, Canacol is gearing up to commence drilling on the Clarinete-11 development well, also within the VIM-5 Exploration and Production Contract. This well will focus on gas-rich sandstones within the CDO reservoir, with results expected before the year ends. These projects underline Canacol's determination to expand its production capabilities and remain competitive in the natural gas market.

About Canacol Energy Ltd

As a leading natural gas exploration and production company, Canacol Energy Ltd operates predominantly in Colombia, where it plays a significant role in the energy sector. The company's stock is actively traded on multiple exchanges, including the Toronto Stock Exchange and the OTCQX market.

Frequently Asked Questions

What recent drilling updates has Canacol Energy Ltd shared?

Canacol has provided updates on the Pibe-1 and Natilla-2 exploration wells, showcasing significant gas column findings and production capacity.

What are the current production rates of the Pibe-1 well?

The Pibe-1 well is currently producing at a rate of 5.5 million standard cubic feet per day after transitioning to permanent production.

When is Canacol planning to drill the Clarinete-11 well?

Canacol plans to commence drilling the Clarinete-11 well within the next couple of days, targeting gas-bearing sandstones.

What challenges did Canacol encounter in drilling Natilla-2?

Drilling difficulties were faced while reaching the depth of 13,631 feet in the Natilla-2 well, necessitating adjustments to the drilling assembly.

Where can I find more information about Canacol's operations?

Additional insights and updates about Canacol Energy Ltd can be found on their corporate website or by following their press releases.

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