Canacol Energy up on raising core profit forecast

Canacol Energy (Alberta)

20/09/2024 15:39

** Shares of Canada-based natural gas company Canacol Energy
 CNE.TO  rise 2.07% to C$3.45 
    ** CNE sees 2024 earnings before interest, taxes,
depreciation and amortisation to be in the mid- to higher-range
of its previously announced forecast of $250 mln-$290 mln;
analysts estimate $244 mln - LSEG
    ** Expects 2024 natural gas and oil sales volumes to avg
~167 mln cubic feet equivalent per day
    ** Co adds it now expects to drill a total of 11 wells in
2024, with an estimated capital expenditure of $138 mln compared
to analysts' estimates of $140.3 mln
    ** CNE had earlier forecast a capital expenditure in $138
mln-$151 mln range
    ** Including session's moves, stock is down 50.43% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))