Canacol Announces Results of DeGolyer and MacNaughton Audit of Proved Gas Reserves

Core Viewpoint - Canacol Energy Ltd. has announced the results of an audit conducted by DeGolyer and MacNaughton on its gas reserves in Colombia, revealing significant estimates of proved developed and total proved gas reserves [1][4]. Group 1: Reserves Estimates - The estimated gross and net proved reserves as of December 31, 2024, prepared by BGEC are as follows: - Proved Developed Producing: 65,932 million cubic feet (gross), 63,954 million cubic feet (net) [2] - Proved Developed Non-Producing: 154,108 million cubic feet (gross), 149,485 million cubic feet (net) [2] - Proved Developed: 220,040 million cubic feet (gross), 213,439 million cubic feet (net) [2] - Proved Undeveloped: 31,660 million cubic feet (gross), 30,710 million cubic feet (net) [2] - Total Proved: 251,700 million cubic feet (gross), 244,149 million cubic feet (net) [2] - DeGolyer and MacNaughton's estimates for the same date are: - Proved Developed Producing: 64,496 million cubic feet (gross), 62,562 million cubic feet (net) [4] - Proved Developed Non-Producing: 138,732 million cubic feet (gross), 134,570 million cubic feet (net) [4] - Proved Developed: 203,229 million cubic feet (gross), 197,132 million cubic feet (net) [4] - Proved Undeveloped: 29,160 million cubic feet (gross), 28,285 million cubic feet (net) [4] - Total Proved: 232,389 million cubic feet (gross), 225,417 million cubic feet (net) [4] - The differences between the estimates from DeGolyer and MacNaughton and BGEC show a negative variance of 2.2% for proved developed producing reserves, 7.6% for proved developed reserves, and 7.7% for total proved reserves [4]. Group 2: Future Revenue Estimates - BGEC's estimated future revenue attributable to Canacol's interest in the reserves as of December 31, 2024, is as follows: - Before tax NPV-10 for Proved Developed Producing: 245,692 thousand USD [6] - Before tax NPV-10 for Proved Developed: 987,289 thousand USD [6] - Before tax NPV-10 for Total Proved: 1,098,261 thousand USD [6] - DeGolyer and MacNaughton's estimates for future revenue are: - Before tax NPV-10 for Proved Developed Producing: 221,994 thousand USD [8] - Before tax NPV-10 for Proved Developed: 878,194 thousand USD [8] - Before tax NPV-10 for Total Proved: 979,140 thousand USD [8].