leadf
logo-loader
viewCanacol Energy Ltd

Canacol gains as company starts drilling appraisal at VMM2 in Colombia

colombia_350_528cd1124e137.jpg

Canacol Energy Ltd. (TSE:CNE), a junior Canadian oil company that operates in Colombia and Ecuador, rose in morning trades after saying it will start appraisal drilling at its Mono Arana oil discovery on the VMM2 exploration and production contract in Colombia.

Canacol advanced 4 percent to C$4.77 at 9:32 a.m. in Toronto. The shares had rallied approximately 44 percent this year through yesterday.

The appraisal program consists of the drilling of up to 6 wells and the construction of production facilities related to the appraisal and development of the Tertiary aged Lisama discovery at Mona Arana, the Calgary, Alberta-based company said in a statement today.

The first appraisal well, Mono Arana 2, is anticipated to spud the first week of December and is anticipated to be drilled to a depth of 6,675 feet measured depth to test the oil potential of the Lisama reservoir 0.6 kilometers to the south of the Mono Arana 1 discovery well.

In addition to the shallow drilling program at the Mono Arana discovery, production testing of the deeper Cretaceous La Luna Formation within the Mono Arana 1 well is anticipated to commence next month, Canacol said.

 

 

 

Quick facts: Canacol Energy Ltd

Price: 4.01 CAD

TSX:CNE
Market: TSX
Market Cap: $721.24 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

First Mining Gold to acquire East Cedartree claims to bolster its Cameron...

First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) CEO Dan Wilton tells Proactive the group has added more resource ounces and consolidated its ground at the Cameron Gold project in northwest Ontario, by purchasing the East Cedartree claims from Metalore Resources (CVE:MET). Wilton says the...

7 hours, 19 minutes ago

2 min read