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Canacol Provides May Gas Sales Update, Tests 43 MMSCFPD at Clarinete 5, Spudding Pandereta 8

Source: www.gulfoilandgas.com 6/3/2020, Location: South America

Canacol Energy Ltd. is pleased to provide the following gas sales and operations update. The gas sales should be read in conjunction with the Corporation’s outlook section contained in its first quarter press release and MD&A released on May 13, 2020.

Gas Sales Average 181 MMscfpd During Later Half of May
Current indications, as evidenced by the latter half of May, shows earlier than anticipated interruptible demand returning to Canacol’s gas deliveries and nominations as economic activity recommenced following general quarantine. The national quarantine on all economic activities was lifted effective June 1, with the exception of the cities of Bogota, Cali, and Cartagena, where only manufacturing and construction activities are currently allowed. It is anticipated that quarantine will be lifted in those cities on June 15.

In addition to the realized contractual gas sales above (which are essentially gas produced, delivered, and paid for) the Corporation saw an additional 12 MMscfpd of gas sales nominations throughout the entire month of May (also similar to April’s 14 MMscfpd) which must be paid for during the remainder of 2020 for which delivery timing is at the discretion of the off taker, as outlined in the May 13, 2020 press release.

With current hydroelectric reservoirs at a historical low 33% related to an unusually dry winter, the demand for gas in the use of thermoelectric power plants remains high and above historic averages. Low reservoir conditions are anticipated to last throughout the remainder of the year.

While we are currently experiencing encouraging trends as interruptible volumes begin to normalize, the company cautions that future natural gas demands could be volatile, and maintain that the guidance range in place continues to be appropriate.

Clarinete 5 Tests 43 MMscfpd, Tied into Production Facility
The Pioneer 53 drilling rig was reactivated on May 24th 2020 having been inactive since March 26th 2020 due to the national quarantine. The rig completed the Clarinete 5 development well, which has now been tied into permanent production. The Clarinete-5 well finished drilling in March 2020 and encountered 309 feet true vertical depth of net gas pay within the primary Cienaga de Oro sandstone (“CDO”) reservoir, which represents the thickest gas pay section of any well drilled in the history of Canacol. The CDO reservoir was perforated between 8,430 – 8,631 feet measured depth and tested at a final rate of 43 MMscfpd with a tubing head flowing pressure of 1,850 psi, and a final choke of 0.8 inch over a test period of 8 hours.

Drilling Rig Mobilized to Drill Pandereta 8
The rig is currently being mobilized to the Pandereta 8 development location, with anticipated spud the third week of June 2020. The Pandereta 8 well is anticipated to take approximately 5 weeks to drill and complete.

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