Canacol Energy Ltd reports increases in 2P reserves and NPV-10 values for fiscal year 2024.

From GlobeNewswire: 2025-03-20 18:00:00

Canacol Energy Ltd has reported its reserves for the fiscal year end December 31, 2024, including natural gas and crude oil reserves in various basins in Colombia. Highlights include a 21% increase in 2P before tax NPV-10 to US$2.6 billion and a 13% increase in 2P after tax NPV-10 to US$2.0 billion. Reserve replacement was 85% based on 2024 additions. The RLI is 10.2 years based on 2024 production. Canacol’s COO mentioned progress on drilling activities for 2024. The reserves evaluation was conducted by Boury Global Energy Consultants Ltd. and is in accordance with NI 51-101.

The reserves evaluation for Canacol Energy Ltd for the year ended December 31, 2024, shows a decrease in Total Proved reserves, an increase in Total Proved + Probable reserves, and an increase in Total Proved + Probable + Possible reserves. The report also includes 5-year gas and oil price forecasts. Canacol’s reserves metrics show F&D and FD&A costs, reserve additions, and RLI for different reserve categories. The Corporation uses non-IFRS financial measures such as Adjusted funds from operations and Operating netback to evaluate its performance.

Canacol’s press release contains forward-looking statements and information about its reserves, including definitions of terms like PDP, 1P, 2P, 3P, and Deemed Volumes. The Corporation uses BOE and CFE conversions and provides detailed information on reserves life index calculations. Oil and gas metrics like F&D, FD&A, reserve replacement, and RLI are included to evaluate the Corporation’s performance. The reserves evaluation was conducted by Boury Global Energy Consultants Ltd. and is in accordance with NI 51-101.



Read more at GlobeNewswire: Canacol Energy Ltd. Announces 2P Reserves and Deemed