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     385  0 Kommentare Canacol Energy Ltd. Tests 46.3 MMSCFPD (8,123 BOEPD) from 8th Consecutive Colombian Gas Discovery at Toronja 1 Validating New Commercial Shallow Gas Play

    CALGARY, ALBERTA--(Marketwired - June 27, 2017) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to provide the following update for the Toronja 1 exploration well, the Corporation's eighth consecutive gas discovery in the Lower Magdalena Basin. The Corporation also announces the addition of a fourth gas exploration well, Gaitero 1, to its drilling program for 2017, and provides an update on its gas flowline project.

    Mr. Mark Teare, Senior Vice President of Exploration at Canacol, commented "Toronja 1 marks another success in the new, high impact, shallow Porquero sandstone gas play that we tested last year with the Nelson 6 exploration well, with Toronja 1 successfully testing at a combined rate of 46 MMscfpd. The Toronja 1 and Nelson 6 discoveries unlock an important new commercial gas play spread across our 1.2 million net acres on our five exploration contracts located in the Lower Magdalena Basin. The same seismic processing and interpretation techniques we have been using in the past to identify gas pre-drill within the deeper CDO prospects have been successfully applied to the shallower Porquero gas prospects, allowing us to detect the presence of gas within the prospect prior to drilling. This technique has yielded a discovery rate of 89% for our gas exploration drilling program over the past three years, a remarkable success rate for any oil and gas company within the context of worldwide conventional gas exploration. We observe four additional Porquero prospects nearby Toronja 1, each exhibiting the characteristic seismic anomaly indicative of the presence of gas. Using the results of the Nelson 6 and Toronja 1 discoveries, our technical teams are busy mapping this new gas fairway across our blocks to identify additional opportunities for future drilling beyond the 44 prospects and leads we have identified in the deeper Cienaga de Oro reservoir. We anticipate that the shallow Porquero play will add significant new reserves to the Corporation's already ample reserves base in the coming years."

    Mr. Ravi Sharma, Chief Operating Officer at Canacol, commented "We are very pleased to have drilled yet another gas discovery in Colombia, our eighth consecutive one, and even more pleased to have drilled it in a record six days, 41% below planned budget. The efficiencies we are achieving in our gas drilling program have resulted in significant capital savings, so much so that we can add an additional gas exploration well, Gaitero 1, to our drilling program for 2017. With the successful results at the Canahuate 1 and now the Toronja 1 exploration wells this year, which tested at rates of 28 MMscfpd and 46 MMscfpd respectively, and two more high potential gas exploration wells remaining to drill this year, Canacol continues to move closer towards realizing our objective of producing 230 MMscfpd of gas in December 2018. I am also pleased to report that our gas flowline project is advancing according to schedule, and Canacol is in the process of closing a US$40 million equity placement in the SPV. This allows us to achieve our goal of lifting gas production and sales to 130 MMscfpd by December 1, 2017."

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    Canacol Energy Ltd. Tests 46.3 MMSCFPD (8,123 BOEPD) from 8th Consecutive Colombian Gas Discovery at Toronja 1 Validating New Commercial Shallow Gas Play CALGARY, ALBERTA--(Marketwired - June 27, 2017) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to provide the following update for the Toronja 1 exploration well, the Corporation's eighth …