Canacol Energy Unveils Latest Drilling Progress and Plans
Canacol Energy Shares Exciting Drilling Updates
CALGARY, Alberta — Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) is thrilled to provide an update regarding its ongoing drilling activities and the recent discoveries made during these operations. The performance of these wells indicates Promising prospects for natural gas production that Canacol aims to leverage for future growth.
Recent Drilling Activities
Natilla-2 ST3 Exploration Well
The Natilla-2 ST3 well has reached a substantial depth of 15,616 feet true vertical depth (“ft TVD”). This depth approaches the planned intermediate casing point, strategically positioned just above significant gas zones within the Porquero Formation. Similar gas-charged sand intervals were previously identified during the drilling of Natilla ST 1 and 2. However, while drilling to an intermediate point of 15,750 feet measured depth (“ft MD”), the operation faced difficulties, including increased wellbore instability, resulting in the temporary abandonment of the well.
Future Plans for Natilla Well
In light of the challenges encountered, the drill rig has been released as the team develops a forward plan. They are meticulously assessing whether to re-enter the current Natilla-2 well or initiate a new drilling operation named Natilla-3. This new plan aims to target the gas-rich sandstones highlighted during previous sidetracks. The focus will be on refining drilling techniques to manage the particular pressures experienced within the over-pressured gas environments, ensuring safer and more efficient progression toward the primary reservoir target.
Borbon-1 Exploration Well
On another front, the Borbon-1 exploration well was spud on June 13 and hit a total depth of 10,751 feet MD by June 22. Impressively, it identified gas pay of 157 feet TVD with an average porosity of 18% in the primary CDO sandstone reservoir. Following successful casing and completion, preparations are in place to connect the well to the Jobo gas processing facility. Initial production estimates suggest an output of 10 to 12 million standard cubic feet per day (“MMscfpd”), based on the performance metrics observed from adjacent wells.
Zamia-1 Exploration Well
Additionally, the Zamia-1 well, commenced on May 24 and reaching a depth of 11,454 ft MD on June 4, identified an impressive 32 feet TVD of gas pay with an average porosity of 22%. After completion, it too will link to the Jobo facility, expecting production ranging from 8 to 10 MMscfpd, mirroring the successful characteristics of nearby CDO producing wells.
Upcoming Drilling: Palomino-1
The Palomino-1 exploration well is on the verge of spudding, targeting gas-charged sands within a potential CDO reservoir located just south of the Borbon discovery. This well is anticipated to take around three weeks to drill and complete, positioning it for timely connection to the production infrastructure and feasible contribution to the overall output levels.
Fresa-4 Appraisal Well
Moreover, the Fresa-4 well has been initiated, focusing on gas-charged sandstones akin to those being extracted from the successful Fresa-3 appraisal well, which produces approximately 10 MMscfpd. Anticipating a drilling timeline of three weeks, Fresa-4 is expected to contribute immediately upon completion, utilizing established connections to the Jobo facility for streamlined operations.
About Canacol Energy
Canacol operates as a robust natural gas exploration and production enterprise with a specific operational footprint in Colombia. The Corporation is publicly traded on the Toronto Stock Exchange (TSX), as well as the OTCQX in the USA and the Colombian Stock Exchange under the symbols CNE, CNNEF, and CNE.C, respectively. This diverse trading presence underscores Canacol's commitment to growth and exploration in the natural gas sector.
Frequently Asked Questions
What are the latest updates from Canacol Energy regarding drilling?
Canacol Energy has reported progress on multiple wells, including Natilla-2 ST3, Borbon-1, and Zamia-1, highlighting potential gas reserves and ongoing operations.
When is the Palomino-1 exploration well expected to spud?
The Palomino-1 well is anticipated to spud within the coming week, targeting gas-rich areas tied to the existing infrastructure.
What stock exchanges does Canacol Energy trade on?
Canacol Energy trades on the Toronto Stock Exchange, the OTCQX in the USA, and the Colombian Stock Exchange.
What production rates are expected from the Borbon-1 well?
Initial production from the Borbon-1 well is forecasted to be between 10 to 12 million standard cubic feet per day (MMscfpd).
What operational areas does Canacol focus on?
Canacol primarily focuses on natural gas exploration and production within Colombia.
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