Canacol Energy Provides Update on Exploration Drilling Activities

Canacol Energy ( (TSE:CNE) ) has provided an announcement.

Canacol Energy Ltd. has provided an update on its recent exploration drilling activities. The Natilla-2 ST3 well was temporarily abandoned due to well bore instability, with plans to either re-enter the well or drill a new Natilla-3 well. The Borbon-1 and Zamia-1 wells have been successfully drilled and are expected to begin production in August 2025, with anticipated outputs of 10-12 MMscfpd and 8-10 MMscfpd, respectively. The Palomino-1 well is set to begin drilling soon, and the Fresa-4 well is currently being drilled, targeting gas-charged sandstones. These developments are expected to enhance Canacol’s production capabilities and strengthen its position in the Colombian natural gas market.

The most recent analyst rating on (TSE:CNE) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Canacol Energy stock, see the TSE:CNE Stock Forecast page.

Spark’s Take on TSE:CNE Stock

According to Spark, TipRanks’ AI Analyst, TSE:CNE is a Neutral.

The score reflects Canacol Energy’s operational efficiency and positive corporate events which are tempered by financial instability and bearish technical indicators. Improved cash flow is a positive, but significant financial and valuation challenges persist, as underscored by negative net income and technical bearish trends.

To see Spark’s full report on TSE:CNE stock, click here.

More about Canacol Energy

Canacol Energy Ltd. is a natural gas exploration and production company with operations focused in Colombia. The company’s common stock is traded on the Toronto Stock Exchange, the OTCQX in the United States, and the Colombia Stock Exchange under the ticker symbols CNE, CNNEF, and CNE.C, respectively.

YTD Price Performance: -38.16%

Average Trading Volume: 29,288

Technical Sentiment Signal: Sell

Current Market Cap: C$80.18M

Learn more about CNE stock on TipRanks’ Stock Analysis page.