08:20 AM EDT, 09/20/2024 (MT Newswires) -- Canacol Energy ( CNNEF ) on Friday said it has revised its capital program to now drill a total of 11 wells in 2024, with an estimated capital spend of $138 million.

The 11-well program includes five exploration wells, and six development/appraisal wells.

The original 2024 capital budget, announced last February, had included a range of $138 million to $151 million (four exploration wells and five development/appraisal wells). Drilling program efficiency initiatives have enabled increased drilling activity without increasing costs, the company said.

To date, Canacol has drilled six wells, which include five successful wells that are currently on production and one unsuccessful well.

The company expects 2024 EBITDA to be in the mid to higher range of its previously announced guidance of $250 million to $290 million, with its natural gas and oil sales volumes expected to average 167 million cubic feet equivalent per day.

Canacol plans to drill three appraisal wells in producing gas fields and two exploration wells for the rest of this year.