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Canacol Energy announces 234 BCF increase in 2P gas reserves in Colombia


Published Mar 13, 2015
Canacol Energy Ltd.

Canacol Energy Ltd. announces a 234 billion cubic feet (BCF) (41 million barrels of oil equivalent - "MMBOE") increase in its working interest before royalty 2P gas reserves associated with its recent Clarinete and Palmer discoveries, and a positive revision at its Nelson field.

Canacol working interest before royalty 2P gas reserves as of February 28, 2015 are 345 BCF (61 MMBOE) with a pre-tax net present value discounted at 10% (PTNPV10) of US$ 852 million majority of these gas reserves have been contracted via 5 to 15 year take or pay sales contracts with pricing ranging from US$4.90/MMBTU to US$ 8/MMBTU escalated between 2 to 3% per year during the course of each contract.

The increase in reserves is attributed to exploration success at the recent Clarinete discovery on the VIM 5 Exploration and Production (E&P) contract, the recent Palmer discovery on the Esperanza E&P contract, and a positive technical revision related to original gas in place at Nelson field on the Esperanza E&P contract.

Tags: Canacol Energy Inc.




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