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Canacol Power Ltd. (“Canacol” or the “Company”) (TSX:CNE,OTC:CNNEF; OTCQX:CNNEF; BVC:CNEC) is happy to report its monetary and working outcomes for the three and 9 months ended September 30, 2025. Greenback quantities are expressed in United States {dollars}, apart from Canadian greenback unit costs (“C$”) the place indicated and in any other case famous.
Highlights for the three and 9 months ended September 30, 2025.
- The Company’s pure gasoline and liquefied pure gasoline (“LNG”) working netback elevated 2% and three% to $5.34 and $5.30 per Mcf for the three and 9 months ended September 30, 2025, respectively, in comparison with $5.25 and $5.17 per Mcf for a similar intervals in 2024, respectively. The rise is because of a rise in common gross sales costs, offset by a rise in working bills on a per Mcf foundation.
- Adjusted EBITDAX decreased 43% and 31% to $49.1 million and $152.7 million for the three and 9 months ended September 30, 2025, respectively, in comparison with $85.8 million and $220.1 million for a similar intervals in 2024, respectively. The lower is principally on account of a lower in realized contractual pure gasoline and LNG gross sales volumes.
- Adjusted funds from operations decreased 20% and 22% to $46.1 million and $122.2 million for the three and 9 months ended September 30, 2025, respectively, in comparison with $57.9 million and $157.3 million for a similar intervals in 2024, respectively, primarily on account of a lower in EBITDAX.
- Whole revenues, web of royalties and transportation bills for the three and 9 months ended September 30, 2025 decreased 21% and 18% to $69.5 million and $207.0 million, respectively, in comparison with $87.9 million and $253.9 million for a similar intervals in 2024, respectively, primarily on account of a lower in realized pure gasoline and LNG gross sales volumes.
- Realized contractual pure gasoline gross sales quantity decreased 24% and 21% to 121.7 Mcfpd and 123.1 Mcfpd for the three and 9 months ended September 30, 2025, respectively, in comparison with 159.8 Mcfpd and 156.3 Mcfpd for a similar intervals in 2024, respectively.
- The Company realized web earnings of $18.7 million and $64.3 million for the three and 9 months ended September 30, 2025, respectively, in comparison with a web earnings of $10.3 million and a web lack of $7.3 million for a similar intervals in 2024, respectively. The rise in web earnings is the results of recognizing a non-cash deferred earnings tax restoration of $5.4 million and $39.0 million for the three and 9 months ended September 30, 2025, respectively, in comparison with a non-cash deferred earnings tax expense of $5.3 million and $48.4 million for a similar intervals in 2024, respectively.
- Internet money capital expenditures for the three and 9 months ended September 30, 2025, have been $39.1 million and $146.6 million, respectively, in comparison with $23.9 million and $93.7 million for a similar intervals in 2024, respectively. The rise is principally associated to drilling actions and the set up of compression services.
- As at September 30, 2025, the Company had $36.5 million in money and money equivalents and $29.9 million in working capital deficit.
- The unaudited interim consolidated monetary statements for the three and 9 months ended September 30, 2025 include an explanatory paragraph associated to the Company’s skill to proceed as a going concern. Additionally see “Liquidity and Capital Assets” part within the MD&A.
Outlook
The Company stays centered on finishing its exploration and growth drilling and workover applications, and the set up of further compression, for the rest of 2025. The Company deserted the Corno-1 and Ramsay-1 exploration wells which each encountered non-commercial portions of gasoline. The drilling rig is getting ready to mobilize to the Kantana-2 growth properly, which shall be adopted by the spudding of the Monstera-1 exploration properly previous to 12 months finish 2025. The Company can also be planning to proceed working over a quantity present wells with the intention to preserve gasoline manufacturing from its producing belongings.
The Company is in dialogue with varied present and new banking teams with the intention to tackle ongoing liquidity, and can talk any materials developments in a well timed method.
FINANCIAL & OPERATING HIGHLIGHTS
(in United States {dollars} (tabular quantities in hundreds) besides as in any other case famous)
| Monetary | Three months ended September 30, |
9 months ended September 30, |
||||||||||||||
| 2025 |
2024 | Change | 2025 | 2024 | Change | |||||||||||
| Whole revenues, web of royalties and transportation expense |
69,491 |
87,934 | (21 | %) | 207,035 | 253,913 | (18 | %) | ||||||||
| Adjusted EBITDAX( 1 ) | 49,112 | 57,909 | (43 | %) | 152,730 | 220,072 | (31 | %) | ||||||||
| Adjusted funds from operations( 1 ) | 46,072 | 1.70 | (20 | %) | 122,243 | 157,256 | (22 | %) | ||||||||
| Per share – primary ($)( 1 ) | 1.35 | 1.70 | (21 | %) | 3.58 | 4.61 | (22 | %) | ||||||||
| Per share – diluted ($)( 1 ) | 1.35 | (21 | %) | 3.58 | 4.61 | (22 | %) | |||||||||
| Money flows supplied by working actions | 48,003 | 21,692 | 121 | % | 136,201 | 125,613 | 8 | % | ||||||||
| Per share – primary ($) | 1.41 | 0.64 | 120 | % | 3.99 | 3.68 | 8 | % | ||||||||
| Per share – diluted ($) | 1.41 | 0.64 | 120 | % | 3.99 | 3.68 | 8 | % | ||||||||
| Internet earnings and complete earnings | 18,662 | 10,346 | 80 | % | 64,319 | (7,298 | ) | n/a | ||||||||
| Per share – primary ($) | 0.55 | 0.30 | 83 | % | 1.89 | (0.21 | ) | n/a | ||||||||
| Per share – diluted ($) | 0.55 | 0.30 | 83 | % | 1.89 | (0.21 | ) | n/a | ||||||||
| Weighted common shares excellent – primary | 34,120 | 34,111 | – | % | 34,120 | 34,111 | – | % | ||||||||
| Weighted common shares excellent – diluted | 34,120 | 34,111 | – | % | 34,120 | 34,111 | – | % | ||||||||
| Internet money capital expenditures( 1 ) | 39,116 | 23,928 | 63 | % | 146,645 | 93,659 | 57 | % | ||||||||
| Sep 30, 2025 |
Dec 31, 2024 |
Change | ||||||||||||||
| Money and money equivalents | 36,539 | 79,201 | (54 | %) | ||||||||||||
| Working capital surplus (deficit) | (29,931 | ) | 45,524 | n/a | ||||||||||||
| Whole debt | 747,584 | 762,313 | (2 | %) | ||||||||||||
| Whole belongings | 1,292,418 | 1,215,777 | 6 | % | ||||||||||||
| Frequent shares, finish of interval (000’s) | 34,120 | 34,120 | – | % | ||||||||||||
| Working | Three months ended September 30, |
9 months ended September 30, |
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| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||
| Manufacturing | ||||||||||||||||
| Pure gasoline and LNG (Mcfpd) | 127,451 | 164,551 | (23 | %) | 128,500 | 160,430 | (20 | %) | ||||||||
| Colombia oil (bopd) | 1,327 | 1,607 | (17 | %) | 1,312 | 1,571 | (16 | %) | ||||||||
| Whole (boepd) | 23,687 | 30,476 | (22 | %) | 23,856 | 29,717 | (20 | %) | ||||||||
| Realized contractual gross sales | ||||||||||||||||
| Pure gasoline and LNG (Mcfpd) | 121,728 | 159,764 | (24 | %) | 123,106 | 156,255 | (21 | %) | ||||||||
| Colombia oil (bopd) | 1,316 | 1,594 | (17 | %) | 1,298 | 1,555 | (17 | %) | ||||||||
| Whole (boepd) | 22,672 | 29,623 | (23 | %) | 22,896 | 28,968 | (21 | %) | ||||||||
| Working netbacks(1) | ||||||||||||||||
| Pure gasoline and LNG ($/Mcf) | 5.34 | 5.25 | 2 | % | 5.30 | 5.17 | 3 | % | ||||||||
| Colombia oil ($/bbl) | 16.74 | 19.81 | (15 | %) | 15.68 | 20.69 | (24 | %) | ||||||||
| Company ($/boe) | 29.57 | 29.42 | 1 | % | 29.45 | 28.99 | 2 | % | ||||||||
| (1) Non-lFRS measures – see “Non-lFRS Measures” part throughout the MD&A. | ||||||||||||||||
This press launch ought to be learn along side the Company’s interim condensed consolidated monetary statements and associated Administration’s Dialogue and Evaluation (“MD&A”). The Company has filed its interim condensed consolidated monetary statements and associated MD&A as at and for the 9 months ended September 30, 2025 with Canadian securities regulatory authorities. These filings can be found for overview on SEDAR+ at www.sedarplus.ca .
Canacol is a pure gasoline exploration and manufacturing firm with operations centered in Colombia. The Company’s shares are traded on the Toronto Inventory Change underneath the image CNE, the OTCQX in america of America underneath the image CNNEF, the Bolsa de Valores de Colombia underneath the image CNEC.
This press launch comprises sure forward-looking statements throughout the that means of relevant securities legislation. Ahead-looking statements are often characterised by phrases such as “plan”, “count on”, “undertaking”, “goal”, “intend”, “consider”, “anticipate”, “estimate” and different related phrases, or statements that sure occasions or circumstances “could” o r “will” happen, together with with out limitation statements regarding estimated manufacturing charges from the Company’s properties and meant work applications and related timelines. Ahead-looking statements are based mostly on the opinions and estimates of administration on the date the statements are made and are topic to a number of dangers and uncertainties and different elements that would trigger precise occasions or outcomes to vary materially from these projected within the forward-looking statements. The Company can not guarantee that precise outcomes shall be in step with these forward-looking statements. They’re made as of the date hereof and are topic to alter and the Company assumes no obligation to revise or replace them to mirror new circumstances, besides as required by legislation . Info and steering supplied herein supersedes and replaces any forward-looking data supplied in prior disclosures . Potential traders mustn’t place undue reliance on forward-looking statements. These elements embrace the inherent dangers concerned within the exploration far and growth of crude oil and pure gasoline properties, the uncertainties concerned in decoding drilling outcomes and different geological and geophysical information, fluctuating vitality costs, the potential of value overruns or unanticipated prices or delays and different uncertainties related to the oil and gasoline business. Different danger elements might embrace dangers related to negotiating with international governments as properly as nation danger related to conducting worldwide actions, and different elements, lots of that are past the management of the Company. Different dangers are extra totally described within the Company’s most up-to-date Administration Dialogue and Evaluation (“MD&A”) and Annual Info Kind, that are integrated herein by reference and are filed on SEDAR+ at www.sedarplus.ca . Common manufacturing figures far a given interval are derived utilizing arithmetic averaging of fluctuating historic manufacturing information far the whole interval indicated and, accordingly, don’t signify a fixed price of manufacturing far such interval and aren’t an indicator of future manufacturing efficiency. Detailed data in respect of month-to-month manufacturing within the fields operated by the Company in Colombia is supplied by the Company to the Ministry of Mines and Power of Colombia and is revealed by the Ministry on its web site; a direct hyperlink to this data is supplied on the Company’s web site. References to “web” manufacturing discuss with the Company’s working-interest manufacturing earlier than royalties.
Use of Non-lFRS Monetary Measures – Such supplemental measures shouldn’t be thought-about as a substitute for, or extra significant than, the measures as decided in accordance with IFRS as an indicator of the Company’s efficiency, and such measures is probably not akin to that reported by different firms . This press launch a/so offers data on adjusted funds from operations . Adjusted funds from operations is a measure not outlined in IFRS . I t represents money supplied (used) by working actions earlier than modifications in non-cash working capital and the settlement of decommissioning obligation, adjusted far non-recurring prices. The Company considers adjusted funds from operations a key measure as it demonstrates the power of the enterprise to generate the money circulation essential to fund future progress by capital funding and to repay debt. Adjusted funds from operations shouldn’t be thought-about as a substitute for, or extra significant than, money supplied by working actions as decided in accordance with IFRS as an indicator of the Company’s efficiency. The Company’s dedication of adjusted funds from operations is probably not akin to that reported by different firms. For extra particulars on how the Company reconciles its money supplied by working actions to adjusted funds from operations, please discuss with the “Non-lFRS Measures” part of the Company’s MD&A. Moreover, this press launch references Adjusted EBITDAX and working netback measures. Adjusted EBITDAX is outlined as consolidated web earnings adjusted far curiosity, earnings taxes, depreciation, depletion, amortization, exploration bills and different related non-recurring or non-cash prices. Working netback is a benchmark frequent within the oil and gasoline business and is calculated as complete pure gasoline, LNG and petroleum gross sales, web transportation bills, much less royalties and working bills, calculated on a per barrel of oil equal foundation of gross sales volumes utilizing a conversion. Working netback is a crucial measure in evaluating operational efficiency because it demonstrates area degree profitability relative to present commodity costs. Adjusted EBITDAX and working netback as offered shouldn’t have any standardized that means prescribed by IFRS and subsequently is probably not comparable with the calculation of comparable measures for different entities.
Working netback is outlined as revenues, web transportation bills much less royalties and working bills.
Realized contractual gross sales is outlined as pure gasoline and LNG produced and bought plus earnings acquired from nominated take-or-pay contracts with out the precise supply of pure gasoline or LNG and the expiry of the shoppers’ rights to take the deliveries.
Internet money capital expenditures is outlined as capital expenditures web of inclinations, excluding non-cash prices and changes such because the addition of right-of-use leased belongings and alter in decommissioning obligations.
The Company’s LNG gross sales account for lower than one % of the Company’s complete realized contractual pure gasoline and LNG gross sales.
For extra data, please contact: Investor Relations South America: +571.621.1747 IR-SA@canacolenergy.com International: +1.403.561.1648 IR-GLOBAL@canacolenergy.com http://www.canacolenergy.com
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