CNNEF - Canacol Energy GAAP EPS of C$0.49 revenue of C$73.9M

May, 12 2023 01:47 AM Canacol Energy Ord

2023-05-12 01:47:13 ET

Canacol Energy press release ( OTCQX:CNNEF ): Q1 GAAP EPS of C$0.49.
Revenue of C$73.9M (+12.1% Y/Y).
Adjusted EBITDAX increased 23% to C$60.9 million for the three months ended March 31, 2023, compared to C$49.6 million for the same period in 2022.
Adjusted funds from operations decreased 3% to C$32.7 million for the three months ended March 31, 2023, compared to C$33.8 million for the same period in 2022.
As at March 31, 2023, the Corporation had C$72.1 million in cash and cash equivalents and C$22.7 million in working capital deficit.
Outlook: For the remainder of 2023, the Corporation is focused on the following objectives: 1) the drilling of up to 10 exploration and appraisal wells in a continuous program targeting a 2P reserves replacement ratio of more than 200%; 2) the acquisition of 282 square kilometers of 3D seismic on the VIM-5 block to expand the Corporation’s exploration prospect inventory; 3) progressing the new gas pipeline project from Jobo to Medellin which will add 100 MMcfpd of new gas sales to the interior in late 2024, allowing Canacol to increase gas sales to over 300 MMcfpd; 4) continuing to return capital to shareholders; and 5) continuing with our commitment of strengthening our environmental, social and governance strategy and reporting with the objective of improving the Corporation’s ranking on various sustainability indices.

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