CNNEF - Canacol Energy provides forecast for 2023 capital budget gas sales

• Canacol Energy ( OTCQX:CNNEF ) on Wednesday provided its capital budget, gas sales, and EBITDA guidance for 2023.
• The company expects 2023 capital budget between $138 million and $163 million, which will be fully funded from existing cash and 2023 cash flows, and EBITDA of $190 million to $263 million.
• The bulk of the 2023 capital program targets the company's large exploration portfolio with the drilling of up to 10 exploration and appraisal wells.
• About half of the planned exploration wells for 2023 are expected to be drilled on the VIM-5 block, in areas where it acquired new 3D seismic in 2022.
• Canacol also plans to acquire 282 square kilometers of new 3D seismic on the VIM-5 block.
• Realized contractual gas sales for 2023, which include downtime, are anticipated to range between about 160 and 206 million standard cubic feet per day.
• Canacol currently has productive capacity of about 230 MMscfpd to fulfill expected 2023 production levels
• The corporation’s firm 2023 take-or-pay contracts alone average 160 MMscfpd net of 2023 contractual downtime.
• The company expects to maintain a dividend throughout 2023 as well as continue its NCIB share buyback plan.

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