Canacol Energy Ltd. provided the information concerning the new Chontaduro 1 gas discovery. Chontaduro 1 encounters 123 feet of net gas pay The Chontaduro 1 exploration well, located on the 100% operated VIM21 Exploration and Production ("E&P") contract, was spud on April 2, 2024, and reached a total depth of 9,625 feet measured depth ("ft MD") on April 8, 2024. The well encountered 123 feet true vertical depth of net gas pay with average porosity of 21% within the primary Cienaga de Oro ("CDO") sandstone reservoir.

The CDO reservoir was perforated over a 279 ft MD Interval and the well tied into the Jobo gas treatment facility. The well started at a production rate of 5 million standard cubic feet per day ("MMscfpd") for 2 hours at a choke 29/128" and a THP of 2290 psi. The rate was increased to 8 MMscfpd for another 2 hours with the choke at 30/128.

The rate was increased increments of 1 MMscfpd over a period of 5 hours and the choke until it reached 12 MMscfpd. The choke at the final rate was 36/128" and a THP of 2260 psi. The well continues to produce at a rate of 12 MMscfpd over the past 29 hours with a stabilized THP of 2260 psi.

The Corporation is currently skidding the rig to drill the Chontaduro 2 appraisal well, targeting the CDO sandstone reservoir in the southern part of the Chontaduro discovery. Chontaduro 2 will spud on April 18, 2024, and will take approximately 3 weeks to drill and complete.