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Canacol Provides the Results of Ocarina 1 Well & Nelson 7 Well

Source: www.gulfoilandgas.com 7/15/2019, Location: South America

Canacol Energy Ltd. (CNEC) is pleased to provide the results of the Ocarina 1 exploration well located on its 100% operated VIM 5 block, and the flow testing results of the Nelson 7 development well located on its 100% operated Esperanza block, both situated in the Lower Magdalena Valley Basin of Colombia.

Ocarina 1 Well Tests 30 MMscfpd
As previously announced earlier in June 2019, the Acordeon 1 exploration well encountered a significant gas accumulation in the Cienaga de Oro (CDO) sandstone reservoir which tested at a final rate of 33 million standard cubic feet per day (MMscfpd). The Ocarina 1 well tested the accumulation at a bottom hole location situated approximately 1 kilometer to the south east of the Acordeon 1 well and has encountered a thick section of gas pay within the same CDO sandstone reservoir, thus confirming a significant new accumulation of gas within the CDO.

Using the Pioneer 53 drilling rig, the Ocarina 1 well was spud on June 10, 2019 and reached a total depth of 8,751 feet measured depth in 15 days. The well encountered 530 feet of gross gas pay between 6,384 and 6,914 feet true vertical depth (“ft TVD”) with average porosity of 23% within the primary CDO sandstone reservoir target. An interval between 6,444 and 6,457 ft TVD was production tested at multiple rates for a 32 hour period. This interval flowed at a final rate of 30.4 MMscfpd at a flowing tubing head pressure of 913 psi and a choke of 82/64 inch. The average flow rate for the entire period was 16 MMscfpd.

The well will be tied into the Jobo production facility via the Pandereta flow line and brought onto permanent production by the end of July 2019.

Nelson 7 Development Well Tests 29 MMscfpd
The Nelson 7 development well was spud on April 1, 2019 and reached a total depth of 9,300 feet measured depth on April 21, 2019. The CDO reservoir was perforated over a 107 foot interval and was production tested at multiple rates over a 23 hour period. The interval flowed at a final rate of 29 MMscfpd at a flowing tubing head pressure of 770 psi and a choke of 85/64 inch. The average flow rate for the entire period was 15 MMscfpd.

Forward Drilling Update
The Pioneer 53 drilling rig is currently being mobilized to spud the Pandereta 5 appraisal well which will test the western extension of the Pandereta field located on the VIM 5 block which the Corporation discovered in late 2017. The appraisal well will test the same CDO reservoir currently producing from all of the wells in the Pandereta field. A successful result at Pandereta 5 could result in a material increase of the Pandereta field conventional natural gas total proved plus probable (“2P”) reserves. As of December 31, 2018, Pandereta field’s 2P reserves were 100 billion cubic feet as per the Corporation’s independent reserves auditors. The Corporation anticipates spudding the Pandereta 5 well prior to the end of July 2019. The well will take approximately 5 weeks to drill, complete and test.

The Corporation will provide regular updates on drilling results as they become available.

Canacol is an exploration and production company with operations focused in Colombia. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.

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