An anonymous director reports

CANACOL ENERGY LTD. PROVIDES CORPORATE UPDATE

Canacol Energy Ltd. has provided the following update regarding the sale of its share holdings in Arrow Exploration Corp., gas sales and drilling operations update.

Arrow Share disposition

On April 26, 2024, Canacol sold its entire holdings in Arrow Exploration Corp. of 60,072,807 shares for gross proceeds of approximately US $13.8 million, via the AIM market of the London Stock Exchange.

Gas Sales Update

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) averaged 150.4 million standard cubic feet per day ("MMscfpd") during the first quarter of 2024.

Natural gas sales for the period of April 1 to April 15 also averaged approximately 150 MMscfpd. Natural gas sales for the period of April 16 to April 28 averaged approximately 164 MMscfpd, with the latest sales date being 168.5 MMscfpd.

Chontaduro 2 Encounters 88 Feet of Net Gas Pay

The Chontaduro 2 appraisal well, located on the 100 percent operated VIM21 Exploration and Production ("E&P") contract, was spud on April 18, 2024, and reached a total depth of 10,026 feet measured depth on April 27, 2024. The well encountered 88 feet true vertical depth of net gas pay with average porosity of 23 percent within the primary Cienaga de Oro ("CDO") sandstone reservoir target.

The well is currently being completed within the CDO reservoir and is expected to be tied into permanent production at a rate of between 10 and 12 MMscfpd within one week.

About Canacol

Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNEC, respectively.

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