November Gas Sales of 169 MMscfpd
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 169 million standard cubic feet per day for
Gas sales during the month of November were impacted by high reservoir levels and related hydroelectric power generation due to heavy rainfall which reduced the demand for gas for thermoelectric power generation. The last week of November saw a fall in reservoir levels related to less rainfall and a related increase in thermoelectrical power generation and gas consumption. Reservoir levels continue to fall into December due to lower rainfall.
The Corporation expects production capacity to be approximately 180 MMscfpd exiting the month of
Near Term Drilling Program
The Corporation completed the drilling of the Pandereta 10 development well which encountered 122 feet of net gas pay within the Cienaga de
The rig is currently drilling the Nelson 16 development well which is expected to be completed and tied in by the end of
First Ever Royalty Construction Project Completed
We are pleased to announce the completion of the first project of its kind ever signed and executed in
The signing and execution of these royalty agreements is another example of how the energy sector consistently contributes to social development, closing gaps, and improving the quality of life for Colombian citizens.
Dividend Announcement
Dividends on shares traded on the
For shareholders trading on the
Shares traded on the
Form NR301 will be mailed to Registered non-resident shareholders as at the dividend record date, by
Instructions on how to correctly complete the NR301 are on the back of the form. Shareholders who hold their shares through a broker should contact their broker directly. They do not need to return a form to
Shares traded on the
Dividend payments will be subject to withholding at the Canadian statutory rate of 25%. Shareholders who are entitled to a reduced withholding tax rate under a tax treaty should contact their broker or nominee to submit Form NR301 (English version). Brokers should submit Form NR301 on behalf of their shareholders to Deposito Centralizado de Valores (“Deceval”) as soon as possible. If you have previously completed Form NR301, you do not need to complete a new form.
Form NR301 can be downloaded at:
https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/nr301/nr301-13e.pdf
For information purposes, a Spanish version of Form NR301 can be downloaded at:
http://canacolenergy.co/es/investors/stocks-dividends/dividend-forms/
The content contained herein is not tax advice. Do not use or otherwise rely upon any of the content without first seeking independent tax advice.
About Canacol
Canacol is a natural gas exploration and production company with operations focused in
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.
Realized contractual gas sales is defined as gas produced and sold plus gas revenues received from nominated take or pay contracts.
For more information please contact: Investor RelationsSouth America : +571.621.1747 IR-SA@canacolenergy.com Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com
Source:
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