{"id":449268,"date":"2021-03-03T07:03:12","date_gmt":"2021-03-03T12:03:12","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=449268"},"modified":"2021-03-03T07:03:12","modified_gmt":"2021-03-03T12:03:12","slug":"canacol-energy-ltd-achieves-122-2p-gas-reserve-replacement-ratio-increasing-2p-reserves-to-637-bcf-with-a-btax-value-of-us1-7-billion","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/canacol-energy-ltd-achieves-122-2p-gas-reserve-replacement-ratio-increasing-2p-reserves-to-637-bcf-with-a-btax-value-of-us1-7-billion\/","title":{"rendered":"Canacol Energy Ltd. Achieves 122% 2P Gas Reserve Replacement Ratio Increasing 2P Reserves to 637 BCF With a BTAX Value of US$1.7 Billion"},"content":{"rendered":"
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CALGARY, Alberta, March 03, 2021 (GLOBE NEWSWIRE) — Canacol Energy Ltd. (\u201cCanacol\u201d or the \u201cCorporation\u201d) (TSX: CNE; OTCQX: CNNEF; BVC: CNEC) is pleased to report its conventional natural gas reserves for the fiscal year end December 31, 2020. The Corporation\u2019s conventional natural gas reserves are located in the Lower Magdalena Valley basin, Colombia.<\/p>\n

\n Canacol Energy Ltd Gross Natural Gas Reserves Summary <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Gross Reserves <\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Proved Developed<\/strong>\n <\/td>\n\n Total<\/strong>\n <\/td>\n\n Total Proved<\/strong>\n <\/td>\n\n Total Proved + Probable<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Producing<\/strong>\n <\/td>\n\n Proved<\/strong>\n <\/td>\n\n + Probable<\/strong>\n <\/td>\n\n + Possible<\/strong>\n <\/td>\n<\/tr>\n
\n Product Type<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n
\n (\u201cPDP\u201d)<\/em>
\n <\/strong>\n <\/td>\n		\n
\n (“1P”)<\/em>
\n <\/strong>\n <\/td>\n		\n
\n (“2P”)<\/em>
\n <\/strong>\n <\/td>\n		\n
\n (“3P”)<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\n Conventional natural gas<\/strong>\n <\/td>\n\n
\n Bcf<\/em>
\n <\/strong>\n <\/td>\n		\n 276.9 <\/strong>\n <\/td>\n\n 394.8 <\/strong>\n <\/td>\n\n 637.2 <\/strong>\n <\/td>\n\n 951.1 <\/strong>\n <\/td>\n<\/tr>\n
Total oil equivalent(<\/sup>3)<\/sup><\/td>\n\n MMBOE<\/em>\n <\/td>\n48.6<\/td>\n69.3<\/td>\n111.8<\/td>\n166.9<\/td>\n<\/tr>\n
Before tax NPV-10(4)<\/sup><\/td>\n\n MM US$<\/em>\n <\/td>\n$<\/td>\n750.8<\/td>\n$<\/td>\n1,030.6<\/td>\n$<\/td>\n1,688.2<\/td>\n$<\/td>\n2,407.1<\/td>\n<\/tr>\n
After tax NPV-10(4)<\/sup><\/td>\n\n MM US$<\/em>\n <\/td>\n$<\/td>\n631.5<\/td>\n$<\/td>\n822.6<\/td>\n$<\/td>\n1,269.8<\/td>\n$<\/td>\n1,758.8<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n
\n (1)<\/em>\n <\/td>\n\n The numbers in this table may not add exactly due to rounding.<\/em>\n <\/td>\n<\/tr>\n
\n (2)<\/em>\n <\/td>\n\n All reserves are represented at Canacol\u2019s working interest share before royalties.<\/em>\n <\/td>\n<\/tr>\n
\n (3)<\/em>\n <\/td>\n\n The term \u201cBOE\u201d means a barrel of oil equivalent on the basis of 5.7 Mcf of natural gas to 1 barrel of oil (\u201cbbl\u201d) as per Colombian regulatory practice.<\/em>\n <\/td>\n<\/tr>\n
\n (4)<\/em>\n <\/td>\n\n Net Present Value (NPV) is stated in millions of USD and is discounted at 10 percent.<\/em>\n <\/td>\n<\/tr>\n<\/table>\n

\n Highlights<\/strong>\n <\/p>\n

Conventional Natural Gas Proved + Probable Reserves (\u201c2P\u201d):<\/p>\n