Canacol announced that DeGolyer and MacNaughton audited its proved gas reserves in Colombian blocks. The company's estimates do not differ significantly from the independent auditor's. The report is based on data as of December 31, 2024.
Canacol Energy, through a press release, disclosed that the firm DeGolyer and MacNaughton conducted an audit on the scope and value of estimates for proved gas reserves in the Esperanza, VIM-5, and VIM-21 blocks in Colombia. These reserves cover proved developed producing, proved developed, and proved total categories.
The estimates were prepared by BGEC in accordance with the definitions of the Canadian National Instrument 51-101, as of December 31, 2024. In proved developed gross reserves, marketable gas reached 220.040 million cubic feet, while sales gas was 213.439 million cubic feet. Net reserves figures were identical.
For proved total gross reserves, marketable gas totaled 251.700 million cubic feet and 244.149 million for sales gas; nets matched. DeGolyer and MacNaughton reported slightly lower figures: for proved developed, 203.229 million cubic feet of marketable gas and 197.132 million of sales gas in gross and net.
For proved total, the auditor estimated 232.389 million marketable gas and 225.417 million sales gas. Comparing net estimates, "negative differences were found, resulting in aggregated differences of 2.2% for proved developed producing reserves, 7.6% for proved developed reserves, and 7.7% for proved total reserves," per the release.
In DeGolyer and MacNaughton's opinion, Canacol's estimates do not differ significantly from theirs on a net reserves basis. This report provides context on the valuation of Canacol's gas assets amid the company's recent financial challenges.