- Canacol Energy (CNE) has tested 35.5 million standard cubic feet of gas per day (MMscfpd) at Aguas Vivas 1 and spud the first of two appraisal wells
- The Aguas Vivas 1 exploration well encountered 412 feet true vertical depth of net gas pay, the thickest in the company’s history
- The company has spud the Aguas Vivas 2 appraisal well and is targeting a total depth of 8,419 feet MD
- The company is also declaring a dividend of C$0.052 per share payable on July 15, 2021 to shareholders of record on June 30, 2021
- Canacol is a natural gas exploration and production company with operations in Colombia
- Canacol Energy (CNE) closed flat trading at $3.29 per share
Canacol Energy (CNE) has provided an update of its Aguas Vivas 1 exploration well and near-term appraisal drilling program.
Canacol has tested 35.5 million standard cubic feet of gas per day (MMscfpd) at Aguas Vivas 1 and spud the first of two appraisal wells.
Aguas Vivas 1
The Aguas Vivas 1 exploration well encountered 412 feet true vertical depth (TVD) of net gas pay within the Cienaga de Oro sandstone reservoir, the thickest in the company’s history.
The company perforated the reservoir across an interval of 145 feet TVD for a drill stem test. The well flowed at a final rate of 35.5 MMscfpd with flowing wellhead pressure of 1,013 psi and no water after 22 hours. The average flow rate achieved during the test period was 17.2 MMscfpd.
Canacol has tied the well into the Jobo gas treatment facility and engaged it in permanent production.
Aguas Vivas 2
The company spud the Aguas Vivas 2 appraisal well on June 12, 2021 and is targeting a planned total depth of 8,419 feet MD within the sandstone reservoir.
Upon completion of drilling operations, Canacol will case and complete the Aguas Vivas 2 appraisal well and use the rig to immediately spud the Aguas Vivas 3 appraisal well.
Dividend
The company is also declaring a dividend of C$0.052 per share payable on July 15, 2021 to shareholders of record on June 30, 2021.
The dividend qualifies as an eligible dividend for Canadian income tax purposes.
Canacol is a natural gas exploration and production company with operations in Colombia.
Canacol Energy (CNE) closed flat trading at $3.29 per share.