|By Marketwired .||
|January 29, 2013 06:30 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 01/29/13 -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (BVC:CNEC) is pleased to provide its 2013 capital program and production guidance. The Corporation plans to spend gross capex of US$ 67 million in calendar 2013 on drilling, work overs, seismic, production facilities, and pipelines in Colombia and Ecuador, and anticipates net average production before royalties of between 7,500 and 8,500 barrels of oil equivalent per day ("boepd"). Average production for the month of December 2012 was 8,366 boepd before royalties, stated on a pro forma basis to include the results of the recently acquired production assets of Shona Energy Company, Inc. The production split for 2013 is expected to be approximately 60% oil from its Labrador, Rancho Hermoso, Libertador-Atacapi, and Capella fields in Colombia and Ecuador, and 40% gas from its operated gas fields at Esperanza in Colombia, which is subject to long-term price contracts and attractive netbacks.
Charle Gamba, President and CEO of Canacol, stated "In 2013 the Corporation will focus on 1) building out production from recent oil discoveries on LLA23 and VMM2 and increasing production levels from the newly acquired Esperanza gas field in Colombia via new sales contract, 2) continuing to increase production from our Libertador-Atacapi oil field in Ecuador, and 3) execute a significant oil focused exploration program in Colombia targeting both conventional light and heavy oil, and unconventional light oil. Exploration projects of significance for 2013 include exploration wells on LLA23 targeting light oil, exploration wells on each of our three Middle Magdalena blocks targeting both shallow conventional light oil and deeper unconventional shale oil, and the continuation of the heavy oil exploration program on assets in the Putumayo - Caguan Basin. Between a combination of existing cash and working capital, cash flow from production, and debt facilities, the Corporation is well financed to execute our capital program."
The focus for calendar 2013 oil production is on high netback oil primarily from the Labrador, Rancho Hermoso, Capella, and Libertador-Atacapi fields, which are anticipated to yield net average production of approximately 5,000 bopd before royalties. Tariff oil production from the Libertador-Atacapi and Rancho Hermoso fields is anticipated to yield net average production of approximately 1,000 bopd. High netback tariff production from the Libertador-Atacapi field in Ecuador is expected to grow to an average of approximately 900 bopd for calendar 2013. The very low netback tariff production from the Mirador reservoir at Rancho Hermoso, which in the past formed a relatively high percentage of the Corporation's average gross production, is expected to average approximately 100 bopd for calendar 2013. Existing Mirador producers in Rancho Hermoso are planned to be converted to higher netback net royalty producers from the C7, Barco, Gacheta and Ubaque by the end of the calendar second quarter of 2013. Production from the recently announced Mono Arana discovery in Colombia is not included in the above guidance, even though the well is currently on long-term production test. Once a development plan has been approved by the consortium, the Corporation's guidance will be revised upwards accordingly.
Net before royalty gas production from the Esperanza field located in Colombia is anticipated to average approximately 3,000 boepd. The Corporation is currently negotiating an additional sales contract with a current buyer to increase volumes by approximately 5 million MMcfpd (833 boepd) effective April 1, 2013. The Corporation is also negotiating other opportunities that could yield additional gas sales in 2013 and beyond.
In calendar 2013, the Corporation plans to drill 8 gross exploration wells on its blocks in Colombia targeting a management estimate of 316 million net barrels unrisked (48 million barrels risked) of mean prospective oil resource. Light oil exploration drilling activities for 2013 will focus on the Corporation's LLA 23 block in the Llanos Basin, and the Santa Isabel, VMM2 and VMM3 blocks in the Middle Magdalena Basin, where the Corporation has recently experienced exploration success (the Labrador discovery on LLA23, and the Mona Arana discovery on VMM2). ExxonMobil Exploration Colombia and Shell Colombia will be carrying the cost of one exploration well on each of VMM2 and VMM3 respectively in 2013. Conventional heavy oil exploration efforts will focus on the Corporation's blocks located in the Caguan - Putumayo Basin of Colombia. The Corporation plans to drill 7 gross development wells and workover 16 existing producing wells in its fields located in Colombia and Ecuador. The Corporation plans to spend approximately US$ 46 million gross capex on its activities in Colombia, and approximately US$ 21 million gross capex on its activities in Ecuador. Funding for the 2013 capital program is expected to come from existing working capital, operating cash flows and debt facilities.
Canacol is an exploration and production company with operations focused in Colombia and Ecuador. The Corporation's common stock trades on the Toronto Stock Exchange and the Colombia Stock Exchange under ticker symbol CNE and CNE.C, respectively.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation. Other risks are more fully described in the Corporation's most recent Management Discussion and Analysis, which is incorporated herein by reference and is filed on www.sedar.com.
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 31, 2016 02:45 AM EDT Reads: 1,889
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 31, 2016 02:15 AM EDT Reads: 2,278
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 31, 2016 02:00 AM EDT Reads: 1,995
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 31, 2016 01:45 AM EDT Reads: 3,087
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 31, 2016 01:00 AM EDT Reads: 1,707
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Aug. 30, 2016 08:15 PM EDT Reads: 2,492
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Aug. 30, 2016 08:00 PM EDT Reads: 1,932
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 30, 2016 08:00 PM EDT Reads: 2,037
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Aug. 30, 2016 07:15 PM EDT Reads: 384
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Aug. 30, 2016 07:00 PM EDT Reads: 939
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Aug. 30, 2016 06:15 PM EDT Reads: 383
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aug. 30, 2016 05:45 PM EDT Reads: 3,597
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Aug. 30, 2016 05:00 PM EDT Reads: 908
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 30, 2016 04:15 PM EDT Reads: 978
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 30, 2016 03:30 PM EDT Reads: 3,785