Canacol Energy Ltd.

12:06 PM EST - Canacol Energy Ltd. : Provided its capital and gas sales guidance for 2020.The Corporation announces that its 2020 capital budget is US$ 114 million which will be fully funded from existing cash and 2020 cash flow. Forecast realized contractual gas sales for 2020, which include downtime, are anticipated to average approximately 205 million standard cubic feet per day (“MMscfpd”), representing a 37% increase over 2019 anticipated average gas sales of approximately 150 MMscfpd. The average wellhead sales price, net of transportation costs where applicable, is expected to be approximately $4.80/ U.S.Mcf. The Corporation’s forecast production, EBITDA and cash flow for 2020 will be substantially higher than previous years, with EBITDA forecast to be approximately $265 million U.S.. The budget also allows for a minimum of $7 million U.S. in quarterly dividends, as recently announced, as well as approximately $15 million U.S. in debt reduction in 2020. Canacol Energy Ltd. shares T.CNE are trading up $0.05 at $4.59.