Currency in CAD
Last close As at 03/02/2023
▲ 0.83 (7.27%)
Canacol Energy is a natural gas exploration and production company primarily focused on Colombia.
The Colombian, Caribbean Coast gas market is expected to move into gas deficit in the absence of LNG imports, incremental piped gas or the development of recent deepwater discoveries. Canacol sells gas under long-term, fixed-price gas contracts, typically of five to 10 years’ duration with inflation clauses to protect cash flows.
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Canacol offers investors a pure play on the Colombian natural gas market where it holds a c 20% market share of national demand. The company continues to progress a new pipeline connecting to interior markets, which will add 100mmscfd from the end of 2024. In 2022, Canacol upgraded its net unrisked prospective resources from 5.7tcf to 20.5tcf, and is focused on converting this into reserves, targeting a reserves replacement ratio of over 200%. Ten wells are planned in 2023, with an emphasis on exploration wells, including the first well targeting a new Tertiary gas play. The planned cash and cash dividends are covered by Canacol’s existing cash and cash generation.
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