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  • Canacol Energy Ltd. (CNE) provides natural gas sales and encounters 412 feet net gas pay in Aguas Vivas 1 exploration well
  • Realized contractual natural gas sales were 174 million standard cubic feet per day for May 2021
  • Aguas Vivas 1 exploration well encounters 412 feet true vertical depth of net gas pay
  • The gas column encountered at Aguas Vivas 1 is the thickest yet encountered by the Corporation and marks a significant and important new gas discovery
  • Canacol plans to immediately drill at least two appraisal wells back-to-back to prove up the extent of the discovery
  • Canacol Energy Ltd. (CNE) is up 1.50 per cent and is trading at C$3.38 at 2:55 pm ET

Canacol Energy Ltd. (CNE) unveils a significant new gas discovery with its Aguas Vivas 1 well.

Realized contractual natural gas sales (gas produced, delivered, and paid for) were 174 million standard cubic feet per day for May 2021.

The Aguas Vivas 1 exploration well was spud on May 23, 2021, and reached a total depth of 7,852 feet measured depth on May 29, 2021.

The well encountered 412 feet true vertical depth of net gas pay with an average porosity of 22 per cent within the Cienega de Oro sandstone reservoir, the primary target.

The gas column encountered within the CDO sandstone reservoir at Aguas Vivas 1 is the thickest yet encountered by the Corporation in its history. Therefore, it marks a significant and important new gas discovery.

Before this well, the thickest net pay was encountered in the Clarinete 5 development well, which encountered 309 ft TVD of net gas pay.

It is currently casing the Aguas Vivas 1 well in preparation for production testing, and the well will be tied into existing production infrastructure within the next two weeks.

Canacol plans to immediately drill at least two appraisal wells back-to-back to prove the discovery’s extent.

The Corporation will provide an update on drilling and testing results as they become available.

From May 25 to May 31, 2021, the corporation repurchased 200 thousand shares at an average price of $3.28.

Canacol is a natural gas exploration and production company with operations focused in Colombia. 

Canacol Energy Ltd. (CNE) is up 1.50 per cent and is trading at C$3.38 at 2:55 pm ET.

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