Canacol Received Environmental Permit to Increase Capacity of the Existing Pipeline

Source: 7/13/2015, Location: South America

Canacol Energy Ltd. is pleased to announce that the Autoridad Nacional de Licencias Ambientales ??ANLA?? has approved the environmental permit enabling Promigas S.A. E.S.P. ??Promigas?? to commence construction necessary to increase capacity of the existing Jobo to Cartagena natural gas pipeline. Promigas has all necessary materials located in the field and construction is anticipated to commence immediately. This expansion allows Canacol to increase net gas production by an additional ?? million standard cubic feet per day ??mmscfpd?? (11,400 barrels of oil equivalent Ė ?boepd?? commencing December 1, 2015. Upon completion of this pipeline expansion, anticipated to be prior to December 1, 2015, the Corporationís net natural gas production will increase to approximately 83 mmscfpd (14,500 boepd).

Charle Gamba, President and CEO of Canacol, commented "The issuance of the environmental permit by the ANLA marks an important milestone for Canacol, allowing Promigas to commence construction of the pipeline expansion and ensure that Canacolís plan to more than triple its current gas production will be achieved by December 1, 2015. This new natural gas production, together with our existing natural gas and oil production, will see the Corporation exiting calendar 2015 with over 20,000 boepd of net production before royalty. Canacolís natural gas, produced under escalated US dollar denominated take or pay contracts, will ensure a significant and steady revenue stream for the Corporation through to calendar 2021."

In June of 2015 the Corporation awarded a contract to Promisol to expand the capacity of Canacolís existing gas processing facility located at Jobo from the current capacity of 50 mmscfpd to 140 mmscfpd. This expansion is anticipated to be completed in early November 2015. The Corporation is also completing the tie in of the Clarinete 1 well into the Jobo processing facility via a 12 kilometer flow line, which is scheduled to be completed in September 2015. The productive capacity of the Canacolís existing gas wells, located in the Nelson, Palmer, and Clarinete fields (Canacol 100% operated working interest), is approximately 120 mmscfpd (21,000 boepd), more than sufficient to deliver the total 83 mmscfpd (14,500 boepd) of gas required starting December 1, 2015.

The Corporation will provide updates as and when relevant information becomes available.

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