CA - Canacol Energy GAAP EPS of C$3.92 revenue of C$67.95M

2023-03-28 00:51:52 ET

• Canacol Energy press release ( OTCQX:CNNEF ): Q4 GAAP EPS of C$3.92.
• Revenue of C$67.95M (-2.8% Y/Y).
• Adjusted EBITDAX increased 6% and 9% to C$52 million for the three months compared to C$49.2 million and  for the same periods in 2021.
• Adjusted funds from operations was an outflow of C$17 million for the three months ended December 31, 2022, compared to an inflow of C$43.7 million for the same period in 2021.
• Net cash capital expenditures for the three months and year ended December 31, 2022 were C$50.4 million and C$166.3 million, respectively.
• 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) continue to progress 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) continue to return capital to shareholders in the form of dividends and share buybacks; and 5) continue 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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