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  • Canacol Energy (CNE) has provided an update on its June 2022 natural gas sales and the results of the Cornamusa 1 exploration well
  • Realized contractual natural gas sales were 199 million standard cubic feet per day in June
  • Canacol has completed the drilling of the Cornamusa 1 exploration well
  • Mr. William Satterfield has been promoted to the role of Senior Vice President Exploration
  • Canacol is a natural gas exploration and production company with operations focused in Colombia
  • Canacol Energy Ltd. (CNE) is up 1.67 per cent on the day, trading at C$2.44 per share at 11 am ET

Canacol Energy (CNE) has provided an update on its June 2022 natural gas sales and the results of the Cornamusa 1 exploration well.

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 199 million standard cubic feet per day (“MMscfpd”) for June 2022, representing the largest monthly sales volumes the corporation has achieved since February 2020.

Canacol has completed the drilling of the Cornamusa 1 exploration well located on the VIM-5 Block operated by CNE OIL & GAS S.A.S. The well encountered multiple gas filled sandstones between 6,010 and 7,514 feet true vertical depth within the primary Cienaga de Oro (“CDO”) sandstone reservoir target with average porosity of 21 percent. The well is currently being completed and will be tied into permanent production and flow tested in the coming weeks.

The corporation is currently drilling the Toronja 3 development well located on its 100 per cent working interest VIM 21 E&P contract. Toronja 3 is targeting gas bearing sandstone reservoirs within the Porquero Formation which are productive in the offsetting Toronja 1 and 2 wells.

The other rig is being mobilized to drill the Claxon 1 exploration well, which is anticipated to spud in late July. Claxon 1 is located approximately 2 kilometers to the south of the recently announced Alboka 1 discovery which tested 33 MMscfpd from the CDO sandstone reservoir. Claxon 1 will target the same CDO sandstone reservoirs present at Alboka, and the Corporation anticipates that the well will take approximately 4 weeks to drill, complete, and test.

Mr. William Satterfield has been promoted to the role of Senior Vice President Exploration, replacing Mr. Mark Teare. Mr. Satterfield joined Canacol from Sanchez Oil and Gas Corporation where he served as Senior Vice President of New Ventures and Geosciences.

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

Canacol Energy Ltd. (CNE) is up 1.67 per cent on the day, trading at C$2.44 per share at 11 am ET.

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