Canacol Energy Ltd. Announces New Gas Discovery in Chontaduro 1

Chontaduro 1 finds 123 feet of net gas container thickness

The exploratory well Chontaduro 1 located in the Exploration and Production (E&P) Contract VIM-21 100% operated, began drilling on April 2, 2024, and reached a total depth of 9,625 feet measured (“feet MD”) on April 8, 2024. The well found 123 feet of true vertical depth of net gas with an average porosity of 21% within the main target of the Ciénaga de Oro (CDO) reservoir.

The CDO reservoir was drilled in an interval of 279 feet MD and the well was connected to the Jobo gas treatment facility. The well started with a production rate of 5 million standard cubic feet per day («MMscfpd») for 2 hours with a choke of 29/128" and a THP of 2,290 psi. The rate increased to 8 MMscfpd for another 2 hours with the choke at 30/128". The rate and choke were increased in increments of 1 MMscfpd over a period of 5 hours until reaching 12 MMscfpd. The choke at the final rate was 36/128" and a THP of 2,260 psi. The well continues to produce at a rate of 12 MMscfpd for the last 29 hours with a stabilized THP of 2,260 psi.

Currently, the Corporation is preparing the platform to drill the appraisal well Chontaduro 2, targeting the CDO sandstone reservoir in the southern part of the Chontaduro discovery. Chontaduro 2 will be drilled on April 18, 2024, and will take approximately 3 weeks to complete.

Statement Issued by Canacol Energy Ltd.