Canacol Power Ltd. closed 2023 with a slip in internet revenue whereas whole revenues rose in a difficult market. The corporate’s internet revenue for the yr ending December 31, 2023, stood at $86.2 million, down from the $147.3 million reported for 2022.
Realized contractual pure gasoline gross sales quantity decreased two % to 178.3 million cubic toes per day (MMcfpd) for the yr ended December 31, 2023, in comparison with 182.4 MMcfpd for 2022. The lower is as a result of uncommon and surprising lower within the company’s manufacturing capability, it mentioned in a media launch.
Canacol mentioned it has efficiently navigated by means of surprising manufacturing capability constraints, in the end attaining a commendable internet revenue determine.
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Moreover, whole revenues, internet of royalties and transportation bills skilled a considerable 11 % progress, reaching $304.9 million. The income enhance might be attributed to greater common gross sales costs, internet of transportation bills, which greater than compensated for the rise in working bills and royalties, Canacol mentioned.
“As we beforehand said, the Company’s long-term plan is targeted on sustaining and rising our reserve base and manufacturing from our core property within the Decrease Magdalena Valley Basin, concentrating on the total use of current transportation infrastructure; exploring excessive impression exploration alternatives within the Center Magdalena Valley Basin; strategic entrance into the gasoline market in Bolivia, and proceed to develop and enhance within the space of ESG”, Canacol President and CEO Charle Gamba mentioned.
Wanting ahead, Canacol is aiming to develop and keep its reserves and manufacturing in its core gasoline property within the Decrease Magdalena Valley Basin by means of complete improvement and exploration packages. It plans to drill as much as 5 improvement wells, set up new compression and processing amenities as required, and carry out workover operations at producing wells in key gasoline fields.
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