• Canacol Energy (TSX:CNE) advances drilling program at Esperanza and VIM 5 contracts
  • Nelson 14 well is now in production
  • A drilling rig has been mobilized to Clariente 5 development well
  • CNE shares were down 1.9 per cent and traded at C$4.54 per share

Colombian-focused natural gas explorer and producer Canacol Energy (TSX:CNE) has advanced its drilling programs on its Esperanza and VIM 5 contracts.

Esperanza’s Nelson 14 development well is now in production after being spudded last month and reaching a total depth of 3.1km (10,150 feet) in the Cienega de Ora sandstone reservoir.

A drilling rig has been sent to the Clariente 5 development well – part of the VIM 5 contract – which the company said will begin spudding on March 5.

It also advised it will take about five weeks to drill and complete.

Canacol has also advised the market that contractual natural gas sales from January 1 to February 20, 2020 increased 17 per cent, an average about 211 million standard cubic feet per day, when compared to sales in the fourth quarter 2019, which recorded 180 MMscfpd.

Canacol Energy shares were down 1.9 per cent and traded at C$4.54 per share.

More From The Market Online