The Corporation forecasts 130 million cubic feet of gas per day ("MMcfd") of natural gas production for exit rate 2017 and 230 MMcf/d of natural gas production for exit rate 2018. These targets represent production growth of 44% from current production of 90 MMcf/d and sequential production growth of 77% from 130 to 230 MMcf/d to exit 2018.
As of the December 2016 reserve reports, the Corporation had 13 MMbls of net 2P oil reserves plus deemed volumes and 72 MMboe of net 2P natural gas reserves.
Canacol has built an exploration portfolio that exposes shareholders to 5 different basins in Colombia and Ecuador across 22 blocks or 3.7 million gross acres. Given Canacol's historical commercial exploration success record of 62%, the Corporation anticipates that the exploration portfolio will continue to deliver solid commercial success for many years to come, yielding continuing growth in production and cash flow.