Canacol Energy hits pay with Colombian well

|About: Canacol Energy Ltd. (CNNEF)|By:, SA News Editor

Canacol Energy (CAAEF +9.7%) says its Leono 1 exploration well drilled in the Llanos Basin of Colombia encountered 133 feet of net oil pay within four different reservoirs, and is preparing to conduct a series of production tests on the discovery.

CEO Charle Gamba says Leono is the second wildcat discovery on the Llanos Basin LLA23 block after 2012’s Labrador find, adding that “the thickness of the net oil pay section at Leono 1 is approximately twice that of Labrador.”