05:04 PM EDT, 05/27/2024 (MT Newswires) -- Canacol Energy ( CNNEF ) after trad eMonday provided an update regarding scheduled interest payment, termination of Fitch Ratings coverage, and exploration drilling program.

On the interest payment, CNE noted that on May 24 it paid its scheduled semi-annual interest payment of US$14.38 million on its November 2028 Senior Notes.

In a rating agency update, CNE noted that on Tuesday, May 21, it informed Fitch Ratings that it was terminating its contract for the provision of ratings coverage. The company retains the services of both Moody's and S&P Ratings.

On the Cardamomo-1 exploration well, the company is preparing to drill the well located in the northern part of its 100% operated VIM-5 Exploration and Production contract situated approximately 25 kilometers to the north of its Jobo gas processing facility. The Cardamomo-1 exploration well, it added, will target potential gas bearing sands within the Cienaga de Oro reservoir, in a large well defined structural closure identified on the Redoblante 3D seismic survey acquired in 2023.

Monday's statement said: "The corporation plans to spud the well in late July 2024, and anticipates that it will take 3 to 4 weeks to drill and complete the well. Given success, the Cardamomo field will be tied into the Alboka flowline located approximately 12 kilometers to the south."

Canacol shares on Monday eased $0.06, or near 1.3%, to $4.66 on the Toronto Stock Exchange..