Canacol Energy - Three new gas exploration blocks

Canacol Energy has announced that it has secured a 100% working interest in three new conventional gas exploration contracts in the recent bid round in Colombia. The award of these contracts increases the company’s existing position in the Lower Magdalena Valley basin where it is the leading independent producer of conventional natural gas, and also establishes a new core area in the Middle Magdalena Valley basin. The new contracts increase Canacol’s acreage by 29% to 1.4m net acres. The company expects exploration activity on these new blocks to begin in 2020, with a view to carrying out drilling in 2021 and 2022.