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  • Q4 natural gas sales up 23% from Q3 2019
  • Colombian 2020 drilling campaign has commenced
  • Rancho Hermoso oil field sold to local operator

Canacol Energy has informed the market that natural gas sales in the fourth quarter of 2019 have increased 23% from the third quarter, rising to 180 million standard cubic feet per day from 146 MMscfpd.

Furthermore, sales have averaged 208 MMscfpd for the period December 1, 2019 to January 18, 2020 due to scheduled long-term take or pay sales contracts coming into effect on December 1.

The company also said it has begun its 2020 drilling campaign with a spud of the Nelson 14 well on January 11, and is presently drilling ahead at 6,500 feet using the Pioneer 53 drilling rig.

It will then become part of the Nelson field via the Betania sub-station, with the drilling rig preparing to spud the Clarinete 5 well in mid-February. It will then move onto the Fresa 1 and Porro Norte 1 sites as part of a program to drill six exploration and appraisal wells.

Canacol Energy hopes to drill 12 wells this year and is negotiating for the use of a second rig to drill four exploration wells with operations commencing in May.

The company further said it has sold the Rancho Hermoso oil field to a local Colombian operator in Q4 2019.

Canacol Energy shares fell CAD$0.040 (0.92%) and has a market cap of CAD$774.64 million.

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