Tuesday, March 28, 2017

Canacol Energy reports 2016 results and updates operations

Canacol Energy:

Charle Gamba, President and CEO of the Corporation, commented: “2016 saw the emergence of Canacol as a premier gas producer in Colombia. By April 2016, we had achieved our goal of 90 million standard cubic feet per day of gas production.

 As a result of the increased gas sales, our adjusted petroleum and natural gas revenues after royalties increased 43% to $173.2 million for the year ended December 31, 2016 compared to $121.5 million in 2015; our adjusted funds from operations increased 122% to $113 million for the year ended December 31, 2016 compared to $51 million in 2015; our EBITDAX increased 101% to $135.5 million for the year ended December 31, 2016 compared to $67.4 million in 2015; and we posted comprehensive income of $23.6 million in 2016. 

After achieving the 90 MMscfpd milestone, several significant new 2016 gas discoveries drive our reserve and production base towards our December 1, 2017 target of 130 MMscfpd, and our December 1, 2018 target of 230 MMscfpd, which will place Canacol as the second largest gas producer in Colombia behind the state oil company.



It would seem it is a matter of waiting until later this year when production will increase along with cashflow. I continue to like Canacol long term because it sells its gas into an area that is growing yet has a near term gas supply issue.

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