Canacol Energy - Increasing reserves despite reduced 2020 drilling

In 2020, Canacol replaced 61.9bcf of production (equivalent to 170mmscfd) with 75bcf of reserves, delivering a reserves replacement ratio of 122%. This is a commendable result given the company executed a pared down drilling programme in 2020 with only six wells drilled, of which two were exploration wells. The company expects to drill 12 wells in 2021, which should continue to replace rising production, with February sales recently reported of 187mmcfd.

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