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Canacol Energy provides

update on gas sales and
drilling in March

Canacol Energy is pleased to provide the follow-
ing information concerning its March 2021 nat-
ural gas sales and drilling programme.
Gas sales averaged 173 mcf per day for March
2021. Realised contractual natural gas sales
(which are gas produced, delivered, and paid for)
were 173 mcf per day for March 2021. Average
realised contractual natural gas sales for the first
quarter of 2021 averaged 177 mcf per day.
Cañahuate 4 development well and Milano
1 exploration well: The Cañahuate 4 develop-
ment well encountered 72 feet (21.95 metres)
true vertical depth of gas pay within the upper
Cienega de Oro sandstone reservoir and will be
tied in and on production by early May 2021. production sharing contracts over the Cuban required applications to establish a second Cas-
The Milano 1 exploration well did not encoun- onshore Blocks 9A, 9B, 12 and 15, by six months, cadura surface location, designed for up to four
ter commercial gas and has been plugged and to October 29, 2021. Consistent with this exten- development wells. The test results demonstrate
abandoned. sion request and further to the announcement the clear future production opportunities for the
The rigs are currently being mobilised to drill of April 14, 2020, the Company also announces Company.”
the Nelson 9 development well and the Aguas that it has agreed to extend the long stop date Cascadura Deep-1 Testing: Cascadura
Vivas 1 exploration well. Each will take approxi- to December 31, 2021, for the Energetical Deep-1 well production testing commenced on
mately five weeks to drill and test. deferred consideration of GBP100,000 cash and April 8, 2021, with flow tests spanning a total of
Canacol is a natural gas exploration and pro- GBP350,000 of new equity (priced at the 30 day 58 hours, comprised of an initial clean-up flow
duction company with operations focused in volume weighed average price at the time and period, followed by an initial shut-in period
Colombia. The Corporation’s common stock subject to a one year lock up following issue), and a five-step rate test, including a 24-hour
trades on the Toronto Stock Exchange, the which is payable to the vendors only upon the extended flow test. Well testing was conducted
OTCQX in the United States of America, and the Company signing the production sharing con- by an international well testing and measure-
Colombia Stock Exchange under ticker symbol tract for Block 9B with CUPET. ment company.
CNE, CNNEF, and CNE.C, respectively. Ascent Resources, April 12 2021 During the extended flow test period, the
Canacol Energy, April 14 2021 well achieved a peak production rate of approxi-
mately 4,567 boepd (90% natural gas). This pro-
Ascent Resources provides Touchstone’s Cascadura duction rate included approximately 24.5 mcf
Deep-1 well test confirms
per day of natural gas and 477 bpd of NGLs flow-
update on Cuba operations ing at 1,917 psi. During the 24-hour extended
portion of the flow test, the well averaged a pro-
Ascent Resources, the onshore Caribbean, His- liquids rich natural gas duction rate of approximately 4,262 boepd (89%
panic-American and European-focused energy Touchstone Exploration has announced the natural gas), including 22.9 mcf per day of nat-
and natural resources company, has provided an completion of flowback testing of the Cascadura ural gas and an estimated 449 bpd of NGLs. The
update on its entry into Cuba. Deep-1 well, confirming a liquids-rich natural flowing pressure of the well during this stage of
As announced August 6, 2020. the Company gas discovery. Touchstone has an 80% operating testing averaged 1,856 psi through a 50/64-inch
transmitted its operating credentials to Union working interest in the well, which is located on choke. Approximately 48.8 mcf of natural gas
Cuba-Petroleo (CUPET), Cuba’s national oil the Ortoire block onshore Trinidad and Tobago (8,138 boe) was produced during testing, with
company, and the Oficina Nacional de Recursos (Heritage Petroleum holds the remaining 20% 1,081 barrels of NGLs and 27 barrels of water,
Minerales (ORNM) and since then has received working interest). which were less than the load fluid used in the
positive initial feedback towards accreditation as Paul Baay, President and CEO, commented: well.
an onshore operator subject to funding. How- “The positive test results from Cascadura Deep-1 During testing, Cascadura Deep-1 yielded
ever, whilst these work-streams are still being further expands the opportunity on the Ortoire 59.5-degree API gravity NGLs at an average
advanced remotely, finalisation of the qualifi- block as we now expect to have two distinct and ratio of approximately 22 barrels of NGLs per
cation process and negotiations of the PSCs are separate sheets producing from two wells in the mcf of natural gas produced. Field analysis of
pending the lifting of COVID-19 related travel Cascadura structure. We will accelerate opera- the produced gas indicated liquids rich natural
restrictions. tions required to bring the two Cascadura wells gas with no hydrogen sulfide content. Addi-
Accordingly, the Company remains engaged onto production as the test results allow us to tional testing of fluid samples will be conducted
with CUPET and is in the process of requesting properly size surface facilities for reservoir man- to accurately assess the gas and associated liquids
a further extension to its MOU to negotiate the agement. We are also moving forward with the composition.

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