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Place de cotation: CANADA

Canacol Energy Ltd. is an international oil and gas company with operations focused onshore in Colombia and Ecuador. The Corporation has interests in 26 exploration and production contracts that consist of proven oil producing assets and a large exploration inventory of conventional and unconventional oil prospects.
Canacol's management team has over 60 years cumulative operating history in Colombia and Ecuador. The Corporation's strategy is to drill up its development assets in these two focus countries to increase production and cash flow, and to participate in the execution of a significant unconventional oil exploration program alongside its partners ConocoPhillips Colombia Ventures, ExxonMobil Exploration Colombia, and Shell Colombia.
The Corporation's common stock trades on the Toronto Stock Exchange and the Colombia Stock Exchange under ticker symbol CNE and CNEC, respectively.

http://www.canacolenergy.com/

Canacol Energy Ltd. Announces 2016 Year End Results Posting $135.5 Million of EBITDAX
CALGARY, ALBERTA – (March 27, 2017) – Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE;
OTCQX:CNNEF; BVC:CNEC; BMV:CNEN) is pleased to report its financial results for the year ended December 31, 2016.
Dollar amounts are expressed in United States dollars, except as otherwise noted.
Charle Gamba, President and CEO of the Corporation, commented: “2016 saw the emergence of Canacol as a premier gas producer in Colombia. By April 2016, we had achieved our goal of 90 million standard cubic feet per day (“MMscfpd”) of gas production. As a result of the increased gas sales, our adjusted petroleum and natural gas
revenues after royalties increased 43% to $173.2 million for the year ended December 31, 2016 compared to $121.5 million in 2015; our adjusted funds from operations increased 122% to $113 million for the year ended December 31, 2016 compared to $51 million in 2015; our EBITDAX increased 101% to $135.5 million for the year ended December 31, 2016 compared to $67.4 million in 2015; and we posted comprehensive income of $23.6 million in 2016. After achieving the 90 MMscfpd milestone, several significant new 2016 gas discoveries drive our reserve and production base towards our December 1, 2017 target of 130 MMscfpd, and our December 1, 2018 target of 230 MMscfpd, which will place Canacol as the second largest gas producer in Colombia behind the state oil company.
Our industry leading 2015/2016 average gas F&D of $2.52/boe ($0.44/Mcf), combined with our very low operating
expenses and robust long term gas contracts denominated in US dollars, ensure that our current and future gas
production will yield consistently high netbacks and margins for our shareholders. This operating base in conjunction with the financial flexibility achieved by the closing of the February, 2017 $265 million senior secured term loan, led by Credit Suisse, provides a solid platform for our targeted growth. For 2017, management’s primary goals are to 1) achieve a gas production rate of 130 MMscfpd by December 1, 2017 via the construction of a new private gas pipeline, 2) drill three gas exploration wells to continue to build the Corporation’s gas reserves base at industry leading F&D costs, and 3) drill two oil exploration wells to increase oil production and satisfy exploration commitments to the ANH.


 
 
 

 

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