- Canacol Energy Ltd. (CNE) reports its financial and operating results ended September 30, and its October operational update
- The corporation realized contractual natural gas sales volumes increased 11 per cent to 190.6 million standard cubic feet per day (MMscfpd) for Q3
- The increases are due to the increase in natural gas demand as the COVID-19 pandemic restrictions are being gradually lifted
- A net income of US$8.8 million was reported for Q3
- For the remainder of 2021, the corporation anticipates the completion of an eleven well drilling program, which will be marked by the drilling of the Siku-1 exploration well
- Canacol Energy Ltd. (CNE) is down 4.865 per cent and is trading at $3.52 per share at 4:23 p.m. ET
Canacol Energy Ltd. (CNE) reports its financial and operating results ended September 30, and its October operational update.
The corporation realized contractual natural gas sales volumes increased 11 per cent to 190.6 million standard cubic feet per day (MMscfpd) for Q3.
It also realized contractual natural gas sales volumes increased by 17 and 4 per cent to 190.6 MMscfpd and 179.9 MMscfpd for the three-month period.
Average natural gas production volumes increased by 19 and 6 per cent to 192.4 MMscfpd and 181.7 MMscfpd for the same period.
The increases are due to the increase in natural gas demand as the COVID-19 pandemic restrictions are being gradually lifted.
EBITDAX increased 21 per cent to US$53.8 million compared to US$44.6 million from Q2.
A net income of US$8.8 million was reported for Q3.
The repurchase and cancellation of 1,773,700 common shares of the corporation at a cost of US$4.6 million as compared to 1 million repurchased common shares at a cost of US$2.8 million from the previous quarter.
During the third quarter, Canacol also declared its eighth consecutive dividend of $.052 per common share.
Adjusted funds from operations increased by 14 per cent.
Adjusted funds from operations per basic share increased by 22 and 2 per cent to $0.22 per basic share and $0.62 per basic share for Q3.
Net capital expenditures ending on September 30 were US$24.2 million and US$78.4 million.
Net capital expenditures included non-cash adjustments related mainly to decommissioning obligations and right-of-use leased assets of US$100,000 and US$1.5 million.
For the remainder of 2021, the corporation anticipates the completion of an eleven well drilling program, which will be marked by the drilling of the Siku-1 exploration well.
With respect to the Medellin pipeline project, Canacol continues to focus on activities related to the pipeline project, all of which are anticipated to be completed by the end of Q1 2022.
Canacol Energy Ltd. (CNE) is down 4.865 per cent and is trading at $3.52 per share at 4:23 p.m. ET.