Canacol Energy updates drilling activities across Colombian projects

Canacol Energy Ltd. (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) reported progress on multiple drilling operations in Colombia, including two completed wells and one temporarily abandoned project.

The company temporarily abandoned its Natilla-2 ST3 exploration well after encountering wellbore instability and pressure issues during a hole cleaning operation. The well reached 15,616 feet true vertical depth near the Porquero Formation and encountered gas-charged sand intervals similar to previous Natilla wells. The rig has been released while the company evaluates options for re-entering the well or drilling a new Natilla-3 well.

Canacol completed the Borbon-1 exploration well, which encountered 157 feet of gas pay with 18% average porosity within the primary CDO sandstone reservoir target. The well reached total depth of 10,751 feet on June 22, 2025, and is expected to produce 10 to 12 million standard cubic feet per day when brought online in early August 2025.

The Zamia-1 exploration well was completed after reaching 11,454 feet total depth on June 4, 2025. The well encountered 32 feet of gas pay with 22% average porosity in the CDO sandstone reservoir. Initial production is anticipated at 8 to 10 million standard cubic feet per day, with production beginning in early August 2025.

The Palomino-1 exploration well is expected to begin drilling within the next week, targeting CDO reservoir gas-charged sands approximately 2 kilometers south of the Borbon discovery. The company anticipates the well will take approximately 3 weeks to drill and complete.

Canacol also reported that the Fresa-4 appraisal well began drilling on June 30, 2025, targeting CDO reservoirs located 1 kilometer from the Fresa 3 well, which currently produces approximately 10 million standard cubic feet per day.

The information is based on a company press release statement.

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