09:48 AM EST - Canacol Energy Ltd. : announced the results of its Labrador 2 well on the Labrador discovery (announced in December 2012), located on the LLA23 Exploration and Production ("E&P") Contract immediately to the north of the Corporation's Rancho Hermoso field in the Llanos Basin of Colombia. Unlike the Rancho Hermoso field, which is governed by contracts with Ecopetrol S.A., the LLA23 contract is governed by the Agencia Nacional de Hidrocarburos, which receives a variable base royalty beginning in an 8% related to gross production resulting in 2-3 times better netbacks and reserve valuations than those available under the Rancho Hermoso tariff and non-tariff contracts. Canacol Energy Ltd.
shares T.CNE are trading up $0.05 at $2.60.
