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Canacol Energy Ltd. Makes 9th Consecutive Gas Discovery in Colombia

15.11.2017 | 23:00 Uhr | GlobeNewswire

CALGARY, Alberta, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to announce that the Pandereta 1 exploration well has encountered 149 feet of gas pay within the Lower Tubara, Cienaga de Oro, and fractured basement reservoirs. Pandereta-1 is the Corporation’s ninth consecutive conventional natural gas exploration discovery on its 1.1 million net acre exploration position located in the Lower Magdalena Basin of Colombia. Meanwhile, the Corporation is drilling ahead at its Canadonga 1 gas exploration well which spud on November 4, 2017, and anticipates completing drilling operations within a week.

Mark Teare, Senior Vice President of Exploration for Canacol, commented, “We are very pleased with the results from the Pandereta 1 exploration well, which, having successfully encountered gas pay in the primary Cienaga de Oro sandstone target, also encountered gas within the shallower Lower Tubara sandstone reservoir and deeper naturally fractured basement. These latter two reservoirs could potentially represent additional gas resource upside on Canacol’s blocks in the Lower Magdalena Basin. In this respect, the outcome of the Pandereta-1 well has exceeded expectations in terms of its potential to book new reserves over the Lower Tubara and the basement, as well as the Cienaga de Oro reservoir intervals.”

Pandereta-1 Gas Discovery
VIM 5 Exploration and Exploitation (“E&E”) Contract
CNE Oil and Gas S.A.S, 100% Operated Working Interest

The Pandereta 1 exploration well is located approximately 10 kilometers to the northeast of the Clarinete and Oboe gas fields on the VIM 5 contract. Using the Pioneer 302 drilling rig, Pandereta-1 was spud on October 25, 2017 and reached a total depth of 9,347 feet measured depth (“ft md”) in 15 days. The well encountered 64 feet true vertical depth (“ft tvd”) of net gas pay with average porosity of 20.5% within the primary Cienaga de Oro (“CDO”) reservoir target. In the secondary and shallower Lower Tubara reservoir target, 34 ft tvd of net gas pay with average porosity of 15% was encountered in the well. Furthermore, the well encountered strong gas shows and gas pay over a 51 ft tvd interval in a zone interpreted on logs to be fractured basement. Additional technical work is required to assess the actual amount of net pay over this new interval of interest in the basement.

Planning for an extensive production testing program for the well is presently underway, which shall commence within one week. The Corporation will provide the results of the testing program as they become available.

Canacol is an exploration and production company with operations focused in Colombia, Ecuador, and Mexico. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.

This press release contains certain forward‐looking statements within the meaning of applicable securities law. Forward‐looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward‐looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.

For further information please contact:
Investor Relations
Email: IR@canacolenergy.com
Website: canacolenergy.com

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