Canacol outlines drilling plans

This Canacol Energy statement was translated from Spanish by an automated system

CALGARY, ALBERTA – (October 3, 2022) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information on its gas sales August and September 2022 natural gas and the results of the Cañaflecha 2 and Claxon 1 wells, along with exploration drilling plans for the remainder of 2022.

Gas Sales in August and September Realized contractual sales of natural gas (which is gas produced, delivered and paid for) were 166 million standard cubic feet per day (“MMscfpd”) in August 2022, and 191 MMscfpd in September 2022. 2022. In the month of August, the consumption of gas by thermoelectric generators on the Atlantic coast decreased due to the maintenance of the electrical networks.

This, together with high reservoir levels due to heavy rains, temporarily reduced interruptible gas sales, which recovered to normal levels in September.

Claxon 1 exploration success The Corporation completed the drilling of the Claxon 1 exploration well, located in the VIM-5 Exploration and Production ("E&P") contract, operated by CNE OIL & GAS SAS with a 100% interest.

Claxon 1 is located approximately 2 kilometers south of the Alboka 1 discovery which tested 33 MMscfpd of the Ciénaga de Oro ("CDO") sandstone reservoir.

Claxon 1 was drilled on July 25, 2022 and reached a total depth of 11,708 feet measured depth ("ft md") on August 15, 2022.

The well encountered multiple gas-bearing sandstones between 7,725 and 8,950 feet true vertical depth ("feet TVD") within the primary target of the CDO sandstone reservoir.

The well was completed and drilled between 9,037 – 9,062 and 9,101 – 9,172 ft TVD. Both Claxon 1 and Alboka 1 are currently being brought into permanent production, after which Claxon 1 will be tested in production.

The Cañaflecha 2 well tests 7 MMscfpd The Corporation completed the drilling of the Canaflecha 2 well, located in the Esperanza Block, operated by CNE OIL & GAS SAS with 100% participation.

Canaflecha 2 was drilled on August 11, 2022 and reached a total depth of 7,394 ft md on August 20, 2022. The well encountered multiple gas-bearing sandstones between 4,250 and 6,400 ft TVD within the primary target of the CDO sandstone reservoir.

Following completion, the CDO was drilled between 6,612 – 6,635 and 6,654 – 6,668 ft TVD. The well was linked to permanent production through an existing 4-inch flowline and tested for 37 hours at an average rate of 4.3 MMscfpd and a final rate of 6.5 MMscfpd.

After the test, the well was put on permanent production. Clarinete 7 development well The Corporation completed the drilling of the Clarinete 7 development well, located on the VIM-5 E&P contract, operated by CNE OIL & GAS SAS with a 100% interest.

Clarinete 7 was drilled on September 12, 2022 and reached a total depth of 7,479 ft md on September 18, 2022. The well encountered multiple gas-bearing sandstones between 5,800 and 6,050 ft TVD within the primary target of the CDO sandstone reservoir.

The well has been linked to permanent production. Next Exploration Drilling Program: Saxophone 1, Chimela 1, Dividivi 1 and Natilla 1 The Corporation has contracted a rig and is preparing the location for the drilling of the Saxophone 1 exploration well, located on its VIM 5 E&P contract for operating participation of the 100%.

Saxophone 1 will target gas-bearing sands within the CDO and Porquero reservoirs. The Corporation anticipates that the well will be drilled in November 2022 and will take approximately six weeks to drill, complete and test. The Corporation is preparing the location for the drilling of the Chimela 1 exploration well, located in its 100% working interest VMM 45 E&P contract.

Chimela 1 will target gas-bearing sandstones within the Tertiary Lisama reservoirs. These sandstone reservoirs are productive in several nearby producing oil and gas fields.

The Corporation anticipates that the well will be drilled in November 2022, after mobilization of the rig from the Clarinete 7 location, and that it will take approximately six weeks to drill, complete and test.

The Corporation is preparing the location for the drilling of the Dividivi 1 exploration well, located on its 100% working interest VIM 33 E&P contract. Dividivi 1 will target the gas-bearing sandstones of the CDO reservoirs. The Corporation anticipates that the well will be drilled in November 2022 and will take approximately four weeks to drill, complete and test.

The Corporation has contracted a rig and is preparing the location for the drilling of the Natilla 1 exploration well, located on its 50% operating interest SSJN 7 E&P contract. Natilla will target gas-bearing sandstones within the CDO and Porquero reservoirs.

The Corporation anticipates that the well will be drilled in November 2022 and will take approximately fifteen weeks to drill, complete and test. Completion of the 3D seismic in the VIM 5 block The Corporation has successfully completed the acquisition of 496 square kilometers of 3D seismic located in the E&P VIM-5 contract operated by CNE OIL & GAS SAS with a 100% participation.

The 3D seismic survey was acquired in an area previously not covered by 3D seismic and is adjacent to 3D seismic coverage over the Corporation's active production area. Based on accelerated processing and interpretation of an early portion of the program, several CDO and Porquero exploration prospects have been identified for the 2023 drilling campaign.