Canacol Energy Ltd. (TSX: CNE) announced this morning its November 2021 natural gas sales. The energy firm was able to record 182 million standard cubic feet per day (MMscfpd) of realized contractual natural gas sales for the month.
This figure is a decrease from October’s natural gas sales of 192 MMscfpd.
The firm also reported that its Siku 1 exploratory well encountered 33 feet true vertical depth of net gas pay with an average porosity of 20% within the primary Cienaga de Oro sandstone reservoir target.
For the remainder of 2021, the firm is working to drill the Clarinete 6 development well, targeting gas-bearing sandstones within Cienaga de Oro. It is expected to take 5 weeks for drilling and will consequently be tied into permanent production by late January 2022.
The energy company also relayed that it purchased a total of 205,000 shares at an average of $3.18 per share in November as part of its share buyback program. Since the start of the program in May 2021, the firm has purchased a total of 2.98 million shares out of the allowed 11.34 million shares.
Canacol Energy Ltd. last traded at $3.22 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.