CNE.to/CNNEF +.15 to C$4.15
Posted: Wednesday Jun 12 9:43:30AM 2019
Canacol Energy continues to hit more natural gas in Colombia. Tested 33mmcfpd in new field!
In Q1, they generated C$49.4 million on sales of 122smmcfpd. New pipeline is coming online in mid July that will pop that to over 200smmcfpd. Should pop gross revs to C$80million/qtr.
Canacol has Netback of C$4/mcf!!!!! They receive almost C$5/mcf. Caribbean countries have to import natural gas or LNG so this is not a fluke. They have been receiving these kind of prices for several years. Most investors don't realize the advantage they have.
Gross profits were in the 29million range for Q1 but should jump to C$40-50million range for Q2, depending on when they hook up 80mmcfpd pipeline capacity.