Canacol Energy’s Acordeon 1 Tests 33 MMSCFPD at Significant New Gas Discovery

Source Press Release
Company Canacol Energy Ltd. 
Tags Production/Development, Exploration, Discovery, Upstream Activities
Date June 11, 2019

Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the results of the Acordeon 1 exploration well located on its 100% operated VIM 5 block in the Lower Magdalena Valley Basin of Colombia.  Given the magnitude of this new discovery the Corporation is altering its previously announced 2019 drilling program and has spud the Ocarina 1 well in order to prove up its reserve potential.  Additionally, Promigas S.A. has received all regulatory approvals, including approvals of the two modifications to the Jobo to Majaguas pipeline segment, required to complete the construction of the pipeline expansion.  The Corporation estimates that the 80 million standard cubic feet (“MMscfpd”) of new pipeline capacity will be on stream by mid-July 2019, lifting Canacol’s gas sales to approximately 215 MMscfpd.

Acordeon 1 Tests 33 MMscfpd

The Acordeon 1 exploration well is located approximately 4 kilometers southeast of the Corporations Clarinete gas field on the Corporations 100% operated working interest VIM 5 Exploration and Production Contract.

Using the Pioneer 53 drilling rig the Acordeon 1 well was spud on May 11, 2019 and reached a total depth of 8,500 feet measured depth in 14 days.  The well encountered 420 feet of gross gas pay between 7,646 and 8,066 feet true vertical depth (“ft TVD”) with average porosity of 18% within the primary Cienaga de Oro (“CDO”) sandstone reservoir target.  The interval between 7,706 and 7,862 ft TVD was production tested at multiple rates for a 42 hour period.  This interval flowed at a final rate of 33 MMscfpd at a flowing tubing head pressure of 1476 psi and a choke of 60/64 inch.

The well will be tied into the Jobo production facility via the Pandereta flow line and brought onto permanent production by the end of July 2019.

Corporation Spuds Ocarina 1 Well

The Pioneer 53 drilling rig spud the Ocarina 1 appraisal well on June 11, 2019 from the same platform that the Acordeon 1 well was drilled from.  Ocarina 1 will test the same CDO reservoir encountered at Acordeon 1 in a downhole location situated approximately 1 kilometer to the southeast and at a structural elevation approximately 400 feet up dip of where the CDO reservoir was encountered at Acordeon 1.  The Corporation anticipates that the Ocarina 1 well will take approximately 5 weeks to drill, complete, and test.

The Corporation will provide regular updates on drilling results as they become available.

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