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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canacol Energy Ltd    CNE   CA1348082035

CANACOL ENERGY LTD

(CNE)
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Canacol Energy : Hits Pay In Colombia Nelson Gas Field

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01/12/2019 | 09:33am EDT

Canacol Energy Ltd. has provided the results of the Nelson 13 well along with the companys drilling plans for 2019 on Jan. 8.

The Nelson 13 well is the companys seventh well drilled into its Nelson gas field, which was discovered in 2011. Using the Pioneer 302 drilling rig, Nelson 13 was spud on December 4, 2018, and reached a total depth of 9,234 ft (2,814 m) measured depth in 21 days. The well encountered 104 ft (31 m) true vertical depth (ft TVD) of net gas pay with average porosity of 26% within the productive shallow Porquero sandstone reservoir, and 162 ft TVD of net gas pay within the deeper productive CDO sandstone reservoir. The resulting 266 ft (81 m) of net gas pay represents the thickest gas pay encountered in any of the companys wells drilled to date on any of its blocks in the Lower Magdalena Valley basin.

The well has been cased and completed prior to tying it into the Jobo gas processing facility via the existing flowline connecting the entire Nelson producing wells to the Jobo facility.

The gas exploration wells planned for 2019 include the Acordeon1 and Saxofon1 exploration wells on Canacols operated 100% working interest VIM 5 contract, and the Arandala1 exploration well on Canacols operated 100% working interest VIM 21 contract. Appraisal wells Pandereta5 and Clarinete4 are planned for its VIM 5 contract, while appraisal well Palmer2 and development wells Nelson7 and Canahuate2 are planned for its operated 100% working interest Esperanza contract. Flexibility has been built into the 2019 drilling program such that in the event of exploration success, funds may be reallocated for immediate followup appraisal drilling locations.

Upon moving off of the Nelson 13 drilling location, the Pioneer 302 rig will be mobilized to drill the Palmer2 appraisal well, which is anticipated to spud in the last week of January 2019. Palmer2 will take approximately five weeks to drill and complete, after which the rig will be mobilized to drill the Nelson7 development well which is anticipated to spud in early March 2019.

The company will provide continuous updates of its 2019 drilling program as each well is completed. Canacol is an exploration and production company with operations focused in Colombia.

(c) 2019 CNEgypt. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Sales 2019 301 M
EBIT 2019 141 M
Net income 2019 71,9 M
Debt 2019 246 M
Yield 2019 -
P/E ratio 2019 7,52
P/E ratio 2020 5,04
EV / Sales 2019 2,58x
EV / Sales 2020 1,97x
Capitalization 530 M
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Michael John Hibberd Chairman
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