Canacol Energy provides drilling update

Canacol Energy (CNNEF) provided the following update concerning its ongoing exploration and development drilling programs. The Pibe-1 exploration well was spud on November 23, 2024, and reached a total depth of 11,000 feet measured depth. The well is located approximately 4 kilometers to the north of the recent Chontaduro-1 discovery. The well encountered 1,044 feet true vertical depth of gross gas column within the Cienaga de Oro sandstone reservoir. The CDO was perforated across one zone located between and 7,424 ft and 7433 ft TVD and was flow tested at 3.8 million standard cubic feet per day for 3.7 hours with an average tubing head pressure of 2701 psi, and subsequently 5.1 MMscfpd for 41.5 hours with an average THP of 2628 psi. The well was placed on permanent production on December 13, 2024, and is currently flowing at a rate of 5.5 MMscfpd. The Natilla-2 exploration well was spud on November 2, 2024, and is targeting a large natural gas prospect with primary and secondary targets within the CDO and overlying Middle Porquero Formations respectively. The well has reached a depth of 13,631 ft MD within the mid Porquero Formation, where drilling difficulties were encountered. The current operation is tripping out of the hole to change the configuration of the bottom hole assembly and then resume drilling to the main targets within the next week. The Corporation has spud the Pibe-2 appraisal well located on the VIM-21 Exploration and Exploitation Contract from the existing Pibe-1 drilling platform. The Corporation anticipates results within the next 3 weeks. The Corporation anticipates spudding the Clarinete-11 development well located on the VIM-5 Exploration and Production Contract within the next 2 days. The well is targeting gas bearing sandstones of the CDO reservoir with results expected prior to year end.