Canacol Energy - Shifting focus
Canacol Energy has announced that it is cancelling its Empresas Publicas de Medellin (EPM) gas sales contract and pipeline from Jobo to Medellin. This is likely to affect gas sales from 2025 since this pipeline was to be the main driver of revenues. Management also said that it is making a strategic entry into Bolivia with the award of three exploration contracts. Separately, Canacol’s Q323 numbers had a higher netback than expected. However, the deferred production leads us to reduce our NAV to C$17.36 per share from C$23.94 per share.Canacol Energy is engaged in core petroleum and natural gas exploration and development activities in Colombia, Brazil and Guyana.
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