Other

Canacol Announces Results of DeGolyer and MacNaughton Audit of Proved Gas Reserves

By The Northwire Desk — AI Analysis Nov 25, 2025 · 09:00 CNE · 1.53 CANACOL ENERGY LTD.

CNE · Price

Independent audit by DeGolyer and MacNaughton confirms Canacol’s estimated proved gas reserves for its Colombian properties, showing only modest differences (≤ 7.7%) compared with internal BGEC estimates.
Net proved developed producing reserves are approximately 62–65 billion cubic feet (Bcf); total net proved reserves are about 225–244 Bcf.
Corresponding pre‑tax NPV‑10 values range from US$222 million to US$987 million, with after‑tax NPV‑10 between US$879 million and US$1.06 billion, indicating a materially positive valuation of the company’s reserve base.

Reserve Estimates (Net – Sales Gas) as of 31 Dec 2024
DeGolyer & MacNaughton:
- Proved Developed Producing: 62,562 MMcf
- Proved Developed (total): 197,132 MMcf
- Total Proven: 225,417 MMcf
BGEC (internal):
- Proved Developed Producing: 63,954 MMcf
- Proved Developed (total): 213,439 MMcf
- Total Proven: 244,149 MMcf
Difference Between Estimates – Aggregate differences of 2.2% for proved developed producing reserves, 7.6% for proved developed reserves, and 7.7% for total proved reserves; deemed not significant by DeGolyer & MacNaughton.
Future Revenue (NPV‑10) – Pre‑Tax
BGEC: $245.7 M (producing), $987.3 M (developed), $1,098.3 M (total).
DeGolyer & MacNaughton: $222.0 M (producing), $878.2 M (developed), $979.1 M (total).
Future Revenue (NPV‑10) – After‑Tax
BGEC: $245.7 M (producing), $987.3 M (developed), $1,064.7 M (total).
DeGolyer & MacNaughton: $222.0 M (producing), $878.2 M (developed), $948.9 M (total).
Reserve Classification Definitions – “Gross” reflects working‑interest share before royalties; “Net” after royalty deductions plus any royalty interest.
Conclusion of Auditor – The reserve estimates prepared by Canacol are consistent with the independent audit and do not differ significantly, supporting confidence in the company’s reported resource base.

(No direct quotes were provided in the release.)

More from CANACOL ENERGY LTD.