Welcome!

News Feed Item

Canacol Energy Ltd. Tests 2,930 BOPD Light Oil From Pantro 1 Discovery and Adds Second Drilling Rig on LLA23 Block in Colombia

CALGARY, ALBERTA -- (Marketwired) -- 05/02/14 -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce its third consecutive light oil discovery at the Pantro 1 exploration well located on the LLA23 Exploration and Production ("E&P") Contract in the Llanos Basin of Colombia. The Corporation has an 80% operated working interest in the LLA23 contract, with Petromont Colombia S.A. Sucursal Colombia holding the remaining 20% interest.

Charle Gamba, President and CEO of the Corporation, commented, "Pantro marks the third consecutive light oil discovery after the Labrador and Leono discoveries, firming up a very productive light oil trend on our LLA23 block, where production netbacks from the Labrador and Leono fields averaged approximately US$ 65 per barrel for the last reported quarter. Based on these exploration successes, and the high netback nature of the oil, we've decided to add a second drilling rig to our program on LLA23, and are planning to drill two more exploration wells, Tigro 1 and Pointer 1, along this prolific trend by the end of August 2014. In the meantime we have started a development drilling program which includes up to 6 wells, starting with the Labrador 4 well which spud on April 30, and the Leono 3 well which we intend to spud within 2 weeks. The success at Pantro 1, the addition of a second drilling rig to execute a development drilling program on our discoveries, and the potential associated with the upcoming Tigro 1 and Pointer 1 exploration wells will all contribute to the continued growth of high netback production and corresponding cash flow to Canacol's bottom line this year."

Pantro 1 Well and Test Results

The Pantro 1 well was spud on March 23, 2014 and reached a total depth of 12,682 feet measured depth ("ft md") on April 16, 2014 with good oil and gas shows encountered while drilling through the primary reservoir targets. The well encountered 83 feet ("ft") of net oil pay in the following reservoirs: 14 ft of net oil pay within the C7 reservoir with an average porosity of 16 %, 6 ft of net oil pay within the Mirador reservoir with an average porosity of 17%, 16 ft of net oil pay in the Barco reservoir with an average porosity of 14%, 37 ft of net oil pay within the Gacheta reservoir with an average porosity of 21%, and 10 ft of net oil pay within the Ubaque reservoir with an average porosity of 23%.

The Gacheta reservoir was perforated from 12,250 - 12,261 ft md and flowed at a gross rate of 2,930 barrels of oil per day ("bopd") (2,344 bopd net) of 31 degrees API oil @ 135 degrees F with 14% water cut and 75 thousand square feet of gas per day using an electro submersible pump set to a frequency of 38 Hz during a 24 hour flow period.

Forward Plans on LLA23

The Corporation next plans to production test the Mirador reservoir within the Pantro 1 well and place either the Gacheta or the Mirador on long term production, subject to the approval of the Agencia Nacional de Hidrocarburos. Immediately upon completion of testing operations at Pantro 1, Canacol is planning to drill the Leono 3 development well located approximately 0.5 kilometers ("kms") to the north of the Leono 2 appraisal well. Leono 3 is anticipated to take approximately 6 weeks to drill, complete, and production test. Upon completion of the Leono 3 development well, the Corporation plans to drill up to 4 additional development wells within the Pantro and Leono fields using this drilling rig throughout the remainder of calendar 2014.

The second drilling rig spud the Labrador 4 development well on April 30, 2014. The Labrador 4 well is located approximately 0.5 kms to the southwest of the Agueda 1ST discovery well, and is anticipated to take approximately 6 weeks to drill, complete, and production test. Upon the completion of the Labrador 4 well, the second drilling rig will drill the Tigro 1 exploration well, situated approximately 2 kms to the south of the Pantro 1 discovery. Upon the completion and testing of the Tigro 1 exploration well, the second drilling rig will drill the Pointer 1 exploration well, situated approximately 2 kms to the south of the Labrador field. Upon the completion and testing of the Pointer 1 exploration well, the second drilling rig will be used to drill any potential appraisal and development wells resulting from a discovery at either Tigro, Pointer or both throughout the remainder of calendar 2014.

The Corporation also anticipates to commence the shooting of a 400 square kilometer 3D seismic program which will encompass the entire LLA23 block. The objective of the 3D seismic program is to firm up the portfolio of 12 currently identified exploration leads into prospects for drilling in 2015 and 2016. The seismic program is anticipated to commence in June 2014 and end in August 2014.

The Corporation will provide updates when relevant information becomes available.

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, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNEC, 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.

Data obtained from the initial testing results at the well identified in this press release, including barrels of oil produced and levels of water-cut, should be considered to be preliminary until a further and detailed analysis or interpretation has been done on such data. The well test results obtained and disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. The reader is cautioned not to unduly rely on such results as such results may not be indicative of future performance of the well or of expected production results for the Corporation in the future.

Contacts:
Canacol Energy Ltd.
Investor Relations
888-352-0555
IR@canacolenergy.com
www.canacolenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.