Canacol Energy Ltd. (CNNEF: OTCQX International) | Canacol Energy Ltd Provides Corporate Update
Canacol Energy Ltd. (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) has provided a corporate update for its 2024 operations and recent activities:
- 2024 Financial Highlights:
- Realized contractual oil and gas sales: 165 MMcfe/d (annual)
- EBITDAX: $298 million (annual), exceeding 2024 guidance
- Cash capex: $123 million (annual), lower than 2024 guidance
- Leverage ratio: 2.3x, better than expected
- Drilling Updates:
- Natilla-2 ST1 Exploration Well: Encountered gas-charged sandstones in the Porquero Formation
- Lulo-3 Appraisal Well: Found 101 ft TVD of gas pay, to be placed on production in February 2025
- Clarinete 11 Development Well: Discovered 205 ft TVD of net gas pay, producing at 6 MMscfpd
- Siku-2 Appraisal Well: Targeting extension of the Siku gas field
- Pibe-2 Appraisal Well: Abandoned due to non-commercial gas
- Bolivia Update:
- Signed four contracts with Bolivia’s National Oil Company YPFB
- Contracts include Tita, Arenales, Ovai, and Florida Este
- Plans to restart production in Tita field in first half of 2026
- Minimum work program commitment of $30 million over 5 years
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The company’s strong performance in 2024 was driven by higher natural gas and electricity prices in Colombia, along with improved drilling efficiencies and cost-reduction initiatives.
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