Canacol Energy provides the following information concerning its November 2021 natural gas sales, the Siku 1 exploration well, and drilling plans for the remainder of 2021.

Gas sales averaged 182 MMscfpd for November 2021

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 182 million standard cubic feet per day ("MMscfpd") for November 2021.

Siku 1 exploration well encounters 33 feet of net gas pay

The Siku 1 exploration well in Colombia was spud on November 12, 2021 and reached a total depth of 8,825 feet measured depth on November 20, 2021. The well encountered 33 feet true vertical depth of net gas pay with an average porosity of 20% within the primary Cienaga de Oro sandstone reservoir target. The Corporation has completed casing the well and will return with a workover rig in early 2022 to complete and tie the well into permanent production.

Remaining 2021 drilling program

The rig is currently mobilizing to drill the Clarinete 6 development well. Clarinete 6 is targeting gas bearing sandstones within the CDO sandstone reservoir, the main producer within the Clarinete gas field. Clarinete 6 is anticipated to take approximately 5 weeks to drill and complete, and will be tied into permanent production by late January 2022.

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