Canacol Energy Ltd. recently released an update about its production and drilling that shows that it has made a light oil discovery in Ecuador.
The update includes information about the company’s drilling and product operations based in Colombia as well. As of today, the production rates from July and Aug. 2015 have shown significant increase compared to the production rates from June 2015.
“Canacol remains focused on three objectives for calendar 2015: to ensure that the project to add 65 mmscfpd of new natural gas production remains on track to deliver for Dec. 2015, to continue to invest in and increase tariff oil production in Ecuador where netbacks are not sensitive to global oil prices, and to lower operating cost and execute low cost well workovers to maintain light oil production on the LLA23 block with the highest possible margin,” Charle Gamba, president and CEO of Canacol, said. “In this cycle of low global oil prices, the strategy that we embarked on three years ago to diversify our production base to include Colombian natural gas production and Ecuador fixed tariff production, both insensitive to global oil prices, is yielding very obvious benefits. In the meantime, we remain well capitalized with approximately U.S. $45 million of current unrestricted cash, and an additional $25 million of undrawn debt.”
