Canacol Energy Ltd. Reports Q3 2017 Results

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CALGARY, Alberta, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to report its financial and operating results for the three and nine months ended September 30, 2017.  Dollar amounts are expressed in United States dollars, except as otherwise noted.

Charle Gamba, President and CEO of the Corporation, commented:  “Management remains focused on its primary goals for 2017, which include delivering a significant increase in gas production related to the completion of the Sabanas gas flowline exiting 2017, and adding to our gas reserves base via the successful execution of our exploration drilling program, which has yielded another discovery at the Pandereta-1 exploration well.  In 2018, the management team will focus its efforts upon increasing production to 230 MMscfpd exiting 2018 via the second expansion of the Promigas gas pipeline to Cartagena and Baranquilla, and continuing to add gas reserves via the exploration drilling program we have planned for 2018.  We anticipate releasing guidance for 2018 by mid-December 2017.”

Financial and operational highlights of the Corporation include:

Drilling operations have concluded at the Pandereta-1 exploration well, with gas encountered in the primary Ciénaga de Oro sandstone reservoir target as anticipated.  The well is currently being cased ahead of production testing.  The Canadonga-1 well is drilling ahead as planned, and the Corporation anticipates drilling through the primary Ciénaga de Oro sandstone reservoir target later this week.  The Corporation will provide testing results for both wells when flow testing operations are completed.

The Sabanas gas flowline project remains on schedule and is expected to be completed by December 1, 2017.  Once completed, the flowline will add 40 MMscfpd of pipeline capacity to the Corporation, to allow for a total of 130 MMscfpd of gas sales.  The Sabanas flowline will have an initial transportation capacity of 20 MMscfpd on December 1, 2017, and a final transportation capacity of 40 MMscfpd in mid-January, 2018, once final compression has been installed and tested.  The productive capacity of the Corporation’s current gas wells is approximately 195 MMscfpd, and that of the Corporation’s gas processing facilities located at Jobo is approximately 200 MMscfpd.

This press release should be read in conjunction with the Corporation’s unaudited interim condensed consolidated financial statements and related Management’s Discussion and Analysis.  The Corporation’s has filed its unaudited interim condensed consolidated financial statements and related Management's Discussion and Analysis as of and for the three and nine months ended September 30, 2017 with Canadian securities regulatory authorities.  These filings are available for review on SEDAR at www.sedar.com.

Canacol is an exploration and production company with operations focused in Colombia and Ecuador. The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCQX in the United States of America under the symbol CNNEF, the Bolsa de Valores de Colombia under the symbol CNEC and the Bolsa Mexicana de Valores under the symbol CNEN.

More news and information about Canacol Energy Ltd.

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Globe Newswire: 22:30 GMT Tuesday 14th November 2017

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