UPDATE: Canacol Energy Announces $150 Million Capital Program for 2012; Shares Off Nearly 2%
Canacol Energy Ltd. (CNE.TO) opened unchanged from yesterday's 62 cents close, but has now moved lower to 61 cents by almost 2% after announcing earlier today its calendar 2012 capital program of US$150 million for exploration and development activities in Colombia, Brazil, and Guyana.
The company said it plans to spend US$88 million for exploration programs in Colombia, Brazil, and Guyana and US$62 million for production programs in Colombia in 2012.
The budget meets the company's exploration drilling and seismic acquisition work program commitments for 2012.
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