Canacol Energy: Forecasts 2020 EBITDA above estimate, shares rise

Canacol Energy (Alberta)

17/12/2019 16:02

** Shares of oil and gas producer  CNE.TO  up 1.1% at C$4.59
    ** Co's forecast production, EBITDA and cash flow for 2020
to be substantially higher than previous years, with EBITDA
forecast ~265 mln; analysts were estimating EBITDA of $257.8 mln
- IBES Refinitiv data
    ** CNE announces 2020 capital budget of $114 million, to be
fully funded from existing cash and 2020 cash flow
    ** Forecast gas sales to average 205 mln standard cubic feet
per day for 2020, representing a 37% increase over 2019
 urn:newsml:reuters.com:*:nGNX3RpQvk
    ** Including Tuesday's early gain, stock up 13.4% YTD

 (Reporting by Arundhati Sarkar in Bengaluru)
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