Publish Date : 17-Nov-2017
Canacol Energy Ltd. ("Canacol" or the "Corporation") 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-i 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-i 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-i Gas Discovery
VIM 5 Exploration and Exploitation ("E&E") Contract
CNE OH and Gas S.A.S, 100% Operated Working Interest
The Pandereta 1 exploration well is located approximately 10 kilometers to the northeast ot the Clarinete and Oboe gas fields on the VIM 5 contract. Using the Pioneer 302 drilling rig, Pandereta-i was spud on October 25, 2017 and reached a total depth ot 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.
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