12:21 PM EDT, 07/14/2025 (MT Newswires) -- Canacol Energy ( CNNEF ) on Monday fell 3.8% after the Colombian oil and gas producer "temporarily" abandoned its Natilla-2 ST3 exploration well after facing increased well bore instability and pressures during a hole cleaning trip.

The company said the rig has been released as a forward plan and is being prepared to evaluate options for re-entering the well or drilling a new Natilla-3 well targeting the gas charged sandstones encountered in the various sidetracks of the Natilla-2 well.

"The new drilling plan will incorporate drilling techniques to address the difficulty in running production liner across the over pressured gas charged sands encountered in the Porquero, and once addressed, continuing to deepen the well to the primary CDO sandstone reservoir target," said the company in a statement.

Canacol Energy ( CNNEF ) also reported that Borbon-1 and Zamia-1 exploration wells were cased and completed and will be brought on to production in early August 2025. The company expects the Palomino-1 exploration well and the Fresa-4 appraisal well to take about 3 weeks to drill.

Shares of the company were last seen down $0.08 to $2.27 on the Toronto Stock Exchange.

Price: 2.27, Change: -0.08, Percent Change: -3.40