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CALGARY, Alberta, June 21, 2021 (GLOBE NEWSWIRE) — Canacol Vitality Ltd. (“Canacol” or the “Company”) (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is happy to offer the next replace regarding its Aguas Vivas 1 exploration nicely and the close to time period appraisal drilling program. The Company additionally offers info on its dividend program.
Aguas Vivas 1 Exploration Nicely Checks 35.5 MMSCFPD
As earlier reported, the Aguas Vivas 1 exploration nicely encountered 412 ft true vertical depth (“ft TVD”) of internet gasoline pay throughout the Cienaga de Oro (“CDO”) sandstone reservoir, the thickest internet gasoline pay ever encountered by the Company in its historical past.
The CDO sandstone reservoir was perforated throughout an interval of 145 ft TVD and drill stem examined. The nicely flowed at a remaining charge of 35.5 million normal cubic ft per day (“MMscfpd”) with a flowing wellhead strain of 1013 psi and no water after a 22 hour check interval. The common circulate charge achieved throughout the recorded check interval was 17.2 MMscfpd. The nicely has been tied into the Jobo gasoline remedy facility and is on everlasting manufacturing.
Aguas Vivas 2 Spuds, Aguas Vivas 3 To Be Drilled Again-To-Again
The Aguas Vivas 2 appraisal nicely was spud on June 12, 2021 and is concentrating on a deliberate complete depth of roughly 8,419 ft MD throughout the CDO sandstone reservoir, the first goal of the nicely. Upon completion of the drilling operations, the Aguas Vivas 2 appraisal nicely might be cased and accomplished and the rig might be used to instantly spud the Aguas Vivas 3 appraisal nicely.
The Company will present an replace on drilling and testing outcomes as they turn into out there.
Declares Dividend of CAD$0.052 per Share
The Company introduced that it has declared a dividend of CAD$.052 per share, payable on July 15, 2021, to shareholders of report on the shut of enterprise on June 30, 2021. The ex-dividend date for all shareholders is June 29, 2021. This dividend qualifies as an ‘eligible dividend’ for Canadian revenue tax functions. The declaration, timing, quantity and cost of future dividends stay on the discretion of the Board of Administrators.
Dividends on shares traded on the Toronto Inventory Alternate (“TSX”) might be paid in Canadian {Dollars} (“CAD”) on July 15, 2021.
For shareholders buying and selling on the Colombia Inventory Alternate (“BVC”), the Colombian peso equivalency shall be calculated primarily based on the trade charge as licensed by the Banco de la Republica (“Central Financial institution”) on the date of monetization and might be printed accordingly on the SIMEV web site www.superfinanciera.gov.co
Shares traded on the Toronto Inventory Alternate
Kind NR301 might be mailed to Registered non-resident shareholders as on the dividend report date, by Olympia Belief Firm, Canacol’s switch agent. With a view to obtain the popular treaty charge, you could full and mail again the shape as quickly as doable. Failure to provide a accomplished NR301 type will end in Olympia withholding the statutory 25% withholding tax charge on any funds to Registered non-resident shareholders. In case you have beforehand accomplished Kind NR301, you do not want to finish a brand new type.
Directions on appropriately full the NR301 are on the again of the shape. Shareholders who maintain their shares by a dealer ought to contact their dealer immediately. They don’t have to return a type to Olympia.
Shares traded on the Colombia Inventory Alternate
Dividend funds might be topic to withholding on the Canadian statutory charge of 25%. Shareholders who’re entitled to a diminished withholding tax charge below a tax treaty ought to contact their dealer or nominee to submit Kind NR301 (English model). Brokers ought to submit Kind NR301 on behalf of their shareholders to Deposito Centralizado de Valores (“Deceval”) as quickly as doable. In case you have beforehand accomplished Kind NR301, you do not want to finish a brand new type.
Kind NR301 may be downloaded at:
https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/nr301/nr301-13e.pdf
For info functions, a Spanish model of Kind NR301 may be downloaded at:
https://canacolenergy.co/es/investors/stocks-dividends/dividend-forms/
The content material contained herein just isn’t tax recommendation. Don’t use or in any other case rely on any of the content material with out first in search of unbiased tax recommendation.
About Canacol
Canacol is a pure gasoline exploration and manufacturing firm with operations centered in Colombia. The Company’s frequent inventory trades on the Toronto Inventory Alternate, the OTCQX in america of America, and the Colombia Inventory Alternate below ticker image CNE, CNNEF, and CNE.C, respectively.
This press launch comprises sure forward-looking statements throughout the that means of relevant securities legislation. Ahead-looking statements are regularly characterised by phrases akin to “plan”, “anticipate”, “challenge”, “intend”, “consider”, “anticipate”, “estimate” and different comparable phrases, or statements that sure occasions or situations “could” or “will” happen, together with with out limitation statements referring to estimated manufacturing charges from the Company’s properties and supposed work packages and related timelines. Ahead-looking statements are primarily based on the opinions and estimates of administration on the date the statements are made and are topic to quite a lot of dangers and uncertainties and different components that might trigger precise occasions or outcomes to vary materially from these projected within the forward-looking statements. The Company can’t guarantee that precise outcomes might be in step with these forward-looking statements. They’re made as of the date hereof and are topic to alter and the Company assumes no obligation to revise or replace them to mirror new circumstances, besides as required by legislation. Potential buyers shouldn’t place undue reliance on ahead trying statements. These components embrace the inherent dangers concerned within the exploration for and growth of crude oil and pure gasoline properties, the uncertainties concerned in deciphering drilling outcomes and different geological and geophysical information, fluctuating power costs, the potential of price overruns or unanticipated prices or delays and different uncertainties related to the oil and gasoline business. Different danger components may embrace dangers related to negotiating with overseas governments in addition to nation danger related to conducting worldwide actions, and different components, a lot of that are past the management of the Company.
Realized contractual gasoline gross sales is outlined as gasoline produced and offered plus gasoline revenues acquired from nominated take or pay contracts.
Boe Conversion – The time period “boe” is used on this information launch. Boe could also be deceptive, significantly if utilized in isolation. A boe conversion ratio of cubic ft of pure gasoline to barrels oil equal relies on an power equivalency conversion technique primarily relevant on the burner tip and doesn’t characterize a price equivalency on the wellhead. On this information launch, we’ve expressed boe utilizing the Colombian conversion normal of 5.7 Mcf: 1 bbl required by the Ministry of Mines and Vitality of Colombia. As the worth ratio between pure gasoline and crude oil primarily based on the present costs of pure gasoline and crude oil is considerably completely different from the power equivalency of 5.7 Mcf:1, using a conversion on a 5.7 Mcf:1 foundation could also be deceptive as a sign of worth.
For extra info please contact: Investor Relations South America: +571.621.1747 IR-SA@canacolenergy.com World: +1.403.561.1648 IR-GLOBAL@canacolenergy.com https://www.canacolenergy.com
