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Canacol Energy Ltd. Gives Gas Sales and Drilling Update

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Canacol Energy Ltd. Provides Gas Sales and Drilling Update

Canacol Energy Ltd. has released an update on its gas sales and drilling operations. The company reported realized contractual natural gas sales of 161 million standard cubic feet per day (MMscfpd) for September 2023. Gas sales for October 2023 to date have averaged 162 MMscfpd, with current contractual sales at 180 MMscfpd. Despite experiencing production capacity restrictions in some gas fields due to issues at the Jobo gas treatment facility and certain producing wells, Canacol anticipates remedying the situation and meeting its production and financial targets.

Near Term Drilling Program

Canacol has completed the drilling of the Aguas Vivas 4 development well, which encountered 357 feet of net gas pay. The well has been on production since September 26, 2023. The drilling of the Clarinete 9 development well is also complete, with 236 feet of net gas pay within the Cienaga de Oro sandstone reservoir. The Fresa 2 appraisal well, targeting upper Cienaga de Oro sandstone reservoirs, encountered 10 feet of net gas pay. The company is currently drilling the Pandereta 9 and Nelson 15 development wells. In conclusion, Canacol Energy Ltd. has provided an update on its gas sales and drilling operations. Despite temporary production capacity restrictions, the company remains confident in meeting its targets and continues to progress its drilling program.

A Fresh Perspective on Canacol Energy Ltd.'s Gas Sales and Drilling Update

Canacol Energy Ltd.'s recent update on its gas sales and drilling operations could have a profound impact on new businesses in the energy sector. The company's reported gas sales, despite production capacity restrictions, demonstrate resilience and adaptability - key traits that new businesses should emulate.

Overcoming Challenges

Canacol's ability to navigate issues at the Jobo gas treatment facility and certain producing wells is a testament to their problem-solving capabilities. New businesses, particularly in the energy sector, should take note of this approach, understanding that setbacks are often temporary and can be overcome with strategic planning and execution.

Progressing Despite Obstacles

Furthermore, Canacol's ongoing drilling program, including the successful completion of the Aguas Vivas 4 and Clarinete 9 development wells, shows the company's commitment to progress, regardless of obstacles. This reinforces the importance of perseverance and forward momentum for new businesses. In conclusion, Canacol's update offers valuable insights for new businesses. From demonstrating resilience in the face of challenges to maintaining progress despite setbacks, Canacol's approach provides a blueprint for success in the energy sector.
Story First Published at: https://financialpost.com/globe-newswire/canacol-energy-ltd-provides-gas-sales-and-drilling-update-10
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