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Canacol Energy Ltd
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May 2024 Corporate Presentation
| Charle Gamba | Page 23 of 11 |
May 19, 2024
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2023 Investor Presentation 24 Advisories Oil and Gas Information Barrels of oil equivalent (“boe”) and thousands of cubic feet equivalent (“MCFe”) Boe and MCFe may be misleading, particularly if used in isolation. A boe or MCFe conversion ratio of cubic feet of natural gas to barrels of oil equivalent and from barrels of oil to cubic feet equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In this presentation, consistent with our MD&A disclosures, we have expressed boe using the Colombian conversion standard of 5.7 Mcf: 1 bbl required by the Ministry of Mines and Energy of Colombia. Oil and Gas Volumes Unless otherwise noted, volumes of gas (or oil) sold, produced, or assessed as reserves or resources refer to working interest volumes before the deduction of royalties. Reserves and Resources Information • The estimates of Canacol’s December 31, 2023 reserves set forth in this presentation have been prepared by Boury Global Energy Consultants Ltd. (“BGEC”) effective December 31, 2023 (the “BGEC 2023 report”). The BGEC 2023 report covers 100% of the Corporation’s conventional natural gas and light/medium oil reserves and deemed volumes. The BGEC 2023 report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument NI 51-101, Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Additional reserve information as required under NI 51-101 is included in the Corporation’s Annual Information Form, which will be filed on SEDAR by March 31, 2024. • “Proved" or "1P" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. • Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable" reserves. • “Possible” reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. "2P" means Proved Plus Probable reserves. "3P" means Proved Plus Probable Plus Possible reserves. • Estimates of the net present value of the future net revenue from reserves do not represent the fair market value of reserves. The estimates of reserves and future net revenue from individual properties or wells may not reflect the same confidence level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation. • All of Canacol’s natural gas and oil reserves and deemed volumes disclosed herein are located in Colombia. The recovery and reserve estimates of reserves and deemed volumes provided in this document are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. All evaluations and reviews of future net revenue contained in the BGEC 2023 report are stated prior to any provision for interest costs or general and administrative costs and after the deduction of royalties, development costs, production costs, well abandonment costs and estimated future capital expenditures for wells to which reserves have been assigned. • Certain other information contained in this presentation has been prepared by third-party sources, which information has not been independently audited or verified by Canacol. No representation or warranty, express or implied, is made by Canacol as to the accuracy or completeness of the information contained in this document, and nothing contained in this presentation is, or shall be relied upon as, a promise or representation by Canacol. • References in this presentation to initial production test rates, initial "flow" rates, initial flow testing, absolute open flow (“AOF”) and "peak" rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, investors are cautioned not to place reliance on such rates in calculating the aggregate production. All such data should therefore be considered to be preliminary until such analysis or interpretation has been done. • The resources evaluation, effective December 31, 2021, was conducted by the Corporation’s independent reserves evaluator BGEC, in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The Corporation press released the results of the resources evaluation on April 6, 2022. Reserves Information • Estimates of the net present value of the future net revenue from reserves do not represent the fair market value of reserves. The estimates of reserves and future net revenue from individual properties or wells may not reflect the same confidence level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation. • A full description of the calculation of FD&A costs, Recycle Ratios, and Reserve Life Index is provided in our press release dated March 21, 2024. A reconciliation of FD&A costs is also shown on following slides. • After-tax NPV10 estimates are as per NI 51-101 annual disclosures in our Annual Information Forms. Corporate Total Values. • 2P Reserves life index (“RLI”) of 9.9 years based on annualized fourth quarter 2023 conventional natural gas production of 168,127 thousand standard cubic feet per day (“Mscfpd”) or 29,496 barrels of oil equivalent per day (“BOEPD”)