Canacol Energy Makes New Natural Gas Discovery in Colombia

Canacol Energy Ltd. has made a new natural gas discovery in Colombia at the Pomelo 1 exploration well, located on the 100% operated VIM-21 Exploration and Production contract. The well was spud on February 19, 2024, and reached a total depth of 12,276 feet measured depth on March 3, 2024. It encountered 96 feet of true vertical depth of net gas pay with an average porosity of 21% within the primary Cienaga de Oro sandstone reservoir.

The CDO reservoir was perforated over a 48-foot interval and tied into the existing flowline to the Betania substation. The well is produced in the Jobo gas treatment facility using a downhole gauge. Initial production rates were 4 million cubic feet per day for 6 hours at a 21/128-inch choke, subsequently increasing to 6 million cubic feet per day and 8 million cubic feet per day for 6 hours and 24 hours respectively. The well tested up to 10 million cubic feet per day at a 30/128-inch choke and is now producing at a controlled rate of 8 million cubic feet per day into the Jobo gas treatment plant.

The company is currently mobilizing the rig to drill the Chontaduro 1 exploration well approximately 3 kilometers north of the Pomelo discovery. The Chontaduro 1 well targets the CDO sandstone reservoir as the primary objective and the secondary objective is within the Porquero sandstone reservoir, both of which are productive in the area. Chontaduro 1 will spud before the first week of April 2024 and will take approximately 3 weeks to drill and complete.

Canacol Energy is a natural gas exploration and production company with operations focused in Colombia.