Canacol Energy Ltd Provides Exploration Drilling Update

Core Insights - Canacol Energy Ltd. is actively engaged in drilling activities in Colombia, with updates on multiple exploration wells and their results [1][8] Drilling Activities - The Natilla-2 ST3 well reached a total depth of 15,616 feet true vertical depth, encountering over-pressured gas charged sand intervals similar to previous wells, but was temporarily abandoned due to well bore instability [2][3] - A new drilling plan is being developed to either re-enter the Natilla-2 well or drill a new Natilla-3 well, focusing on addressing challenges with production liner installation [3] Exploration Wells Results - The Borbon-1 well, spud on June 13, 2025, reached a total depth of 10,751 feet MD, encountering 157 feet TVD of gas pay with an average porosity of 18%. Initial production is expected to be 10 to 12 million standard cubic feet per day [4] - The Zamia-1 well, spud on May 24, 2025, reached a total depth of 11,454 feet MD, encountering 32 feet TVD of gas pay with an average porosity of 22%. Initial production is anticipated to be 8 to 10 million standard cubic feet per day [5] - The Palomino-1 well is expected to spud soon, targeting gas charged sands of the CDO reservoir, with an estimated drilling and completion time of approximately 3 weeks [6] - The Fresa-4 appraisal well, spud on June 30, 2025, is targeting gas charged sandstones within the CDO reservoirs, with production expected to commence immediately after drilling [7] Company Overview - Canacol Energy Ltd. is a natural gas exploration and production company focused on operations in Colombia, with its stock traded on multiple exchanges [8]