Canacol Energy Ltd. announce the results of the Leono 1 exploration well drilled on the LLA23 Exploration and Production ("E&P") contract located in the Llanos Basin of Colombia. Leono 1 is the second A3 exploration well the Corporation has drilled on the LLA23 contract following the Labrador discovery announced in late calendar 2012. The Corporation has an 80% operated working interest on the LLA23 contract with the other 20% interest held by Petromont S.A. Sucursal Colombia. The Leon 1 encountered 133 feet ("ft") of net oil pay within 4 different reservoirs, and the Corporation is currently preparing to conduct a series of production tests on the discovery.
Charle Gamba, President and CEO of the Corporation commented, "Leono 1 is a significant success for the Corporation, our second in a row on the LLA23 block after the Labrador discovery drilled late last year. The thickness of the net oil pay section at Leono 1 is approximately twice that of Labrador, and rivals that of Rancho Hermoso, making Leono a major development project for the Corporation in calendar 2014.