Exploration & Production | Top Story | Quarterly / Earnings Reports
Canacol Ramps Up Proved Reserves by 97%; Plans Colombian Ops
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Canacol Energy Ltd. has reported its financial results for the fiscal year ended June 30, 2013.
Charle Gamba, President and CEO of Canacol, stated: "New exploration discoveries and the Shona acquisition lifted proved plus probable reserves and deemed volumes by 95% to 34.7 million barrels of oil equivalent with a pre-tax NPV10 of $686 million. Although overall average Corporate production for fiscal 2013 was down 43% compared to fiscal 2012, average corporate sales prices increased by 40%, as low netback declining production from the Rancho Hermoso field was replaced with higher netback oil production from new discoveries at Labrador and Mono Arana in Colombia, from the Libertador and Atacapi fields in Ecuador, and through the execution of new sales contracts for the Nelson gas field in…
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