- Canacol Energy Ltd. (CNE) reports on its sales, drilling operations, and share buyback progress
- Realized contractual natural gas sales were approximately 188 million standard cubic feet per day for February
- The Carambolo 1 well has been cased as a gas discovery
- The rig is currently mobilizing to drill the Chirimia 1 sidetrack with the intention of re-establishing gas production from the Cienaga de Oro
- During January, Canacol repurchased 5.3 million common shares for $3.15 per share
- Canacol Energy Ltd. (CNE) is up 0.28 per cent and is trading at $3.54 per share as of 12:27 p.m. EST
Canacol Energy (CNE) has provided updates on its sales, drilling operations, and share buyback progress.
Realized contractual natural gas sales, which are gas produced, delivered, and paid for, were approximately 188 million standard cubic feet per day for February.
Additionally, the Carambolo 1 well has been cased as a gas discovery. The rig is currently mobilizing to drill the Chirimia 1 sidetrack with the intention of re-establishing gas production from the Cienaga de Oro (CDO) sandstone reservoir.
Chirimia 1 was drilled in 2018, and then experienced mechanical issues which have prevented the well from being produced since 2019.
After completion of the Chirimia 1 sidetrack, the rig will move to drill the Cornamusa 1 exploration well. This well will target CDO reservoir sandstones in a faulted closure defined on 3D seismic. The prospect also exhibits a signature amplitude versus offset response which indicates potential for the presence of natural gas in the reservoir sandstones.
In January, Canacol repurchased 5.3 million common shares for $3.15 per share under its normal course issuer bid. It relied on the block purchase exemption under the NCIB rules. Following this large repurchase, the Corporation’s NCIB was inactive in February.
Canacol is a natural gas exploration and production company with operations working in Colombia.
Canacol Energy Ltd. (CNE) is up 0.28 per cent and is trading at $3.54 per share as of 12:27 p.m. EST.