Gas sales averaged 179 MMscfpd for
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were approximately 179 million standard cubic feet per day ('MMscfpd') for
Near term drilling program
The Corporation completed the drilling of the Chirimia 1 sidetrack well, which spud on
The drilling rig has just spud the Alboka 1 exploration well located on the VIM 5 Exploration and Production ('E&P') contract. Alboka 1 is targeting gas bearing sands within the CDO sandstone reservoir.
A second drilling rig has been contracted and is currently being mobilized to drill the Cornamusa 1 exploration well located on the VIM 21 E&P Contract, which is expected to spud in the second half of
Both the Alboka 1 and Cornamusa 1 exploration wells should take approximately 5 weeks to drill, test, and complete.
On
The Corporation has received binding offers from four different international pipeline construction consortiums which are currently under evaluation. Several of the proposals have an option to upsize the initial 100 MMscfpd of transportation capacity to 200 MMscfpd at Canacol's request.
As previously announced in
About Canacol
Canacol is a natural gas exploration and production company with operations focused in
Forward-Looking Statements
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.
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