Canacol Energy Provides Colombian Exploration Update; Shares Up 1.5% at Midday

By Staff,

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Canacol Energy Ltd. (CNE.TO) today provided the following update concerning its non-operated Mono Arana 1 exploration well currently drilling on the VMM2 Exploration and Production) Contract located in the Middle Magdalena Valley of Colombia, as well as the status of its exploration drilling programs on the Cedrela and LLA23 E&P contracts located in the Caguan - Putumayo and Llanos Basins respectively.

CEO Charle Gamba said, "We are very pleased with the initial results of the Mono Arana exploration well, which has confirmed oil within the shallow conventional Lisama sandstone reservoir. This has a very positive implication for our adjacent Santa Isabel contract, which we operate with 100% working interest, where we have mapped 4 similar Lisama prospects on the basis of recently acquired 3D seismic. We plan to drill the largest prospect, Oso Pardo, in the first quarter of 2013 at Santa Isabel."

Canacol said its exploration drilling programs continue elsewhere in Colombia, targeting sizeable conventional heavy oil resources in the Caguan - Putumayo Basin, and smaller light oil conventional resources in the Llanos Basin located adjacent to itsRancho Hermoso field. Results are expected in November 2012.

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This article appears in: Investing Commodities
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