An anonymous director reports

CANACOL ANNOUNCES RESULTS OF DEGOLYER AND MACNAUGHTON AUDIT OF PROVED GAS RESERVES

DeGolyer and MacNaughton has performed an audit of the extent and value of the estimated proved developed producing, proved developed and total proved gas reserves of certain properties located in the Esperanza, VIM-5 and VIM-21 blocks in Colombia, in which Canacol Energy Ltd. holds an interest.

Canacol has represented that the estimated reserves attributable to the reviewed properties were prepared by BGEC in accordance with the definitions of Canadian National Instrument 51-101. BGEC's estimates of the gross and net proved reserves, as of Dec. 31, 2024, of the properties reviewed herein are summarized in an attached table, expressed in millions of cubic feet.

DeGolyer and MacNaugthon's estimates of the gross and net proved reserves, as of Dec. 31, 2024, of the properties reviewed herein are summarized in an attached table, expressed in millions of cubic feet.

In comparing the detailed net proved developed producing, proved developed and total proved reserves estimates prepared by DeGolyer and MacNaughton, and by BGEC, negative differences have been found, resulting in aggregate differences of 2.2 per cent for the proved developed producing reserves, 7.6 per cent for the proved developed reserves and 7.7 per cent for the total proved reserves.

It is DeGolyer and MacNaughton's opinion that the proved developed producing, proved developed and total proved reserves estimates prepared by Canacol on the properties reviewed and referred to above, when compared on the basis of net reserves, in aggregate, do not differ significantly from those prepared by DeGolyer and MacNaughton.

BGEC's estimates of the future revenue attributable to Canacol's interest in the proved developed producing, proved developed and total proved reserves, as of Dec. 31, 2024, of the properties reviewed under the economic assumptions described herein are summarized as in an attached table, expressed in thousands of U.S. dollars.

DeGolyer and MacNaugthon's estimates of the future revenue attributable to Canacol's interest in the proved developed producing, proved developed and total proved reserves, as of Dec. 31, 2024, of the properties reviewed under the economic assumptions described herein are summarized in an attached table, expressed in thousands of U.S. dollars.

About Canacol Energy Ltd.

Canacol is a natural gas and oil 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 and the Colombia Stock Exchange under ticker symbol CNE, CNNEF and CNE.C, respectively.

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