Capital Markets | Capital Expenditure | Drilling Program - Wells | Drilling Activity | Capex Increase | Drilling Program
Canacol Ups Budget by Over 50% for 2016; Expands Drilling Plans
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Canacol Energy has detailed a revised capital plan for 2016.
The new capital plan accelerates the Corporation's natural gas opportunities in Colombia with three new gas wells. In addition, one new oil well will be drilled over the remainder of 2016. The revised 2016 capital plan has increased by $34 million, from $58 million to $92 million. In August, Canacol raised $35 million from long term strategic investors including follow-on investment from the Corporation's largest shareholder, Cavengas Holdings S.R.L. to accelerate gas drilling.
Despite significant volatility in global oil prices, the Corporation anticipates near record EBITDAX of approximately $135 million for 2016. Canacol forecasts average realized gas sales pricing of $5.60 per thousand standard cubic feet with a netback of…
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