Canacol Energy Says Concerns Over its Ability to Pay Debts "Completely False"-March 2024-www.financetom.com

Canacol Energy Says Concerns Over its Ability to Pay Debts "Completely False"

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Canacol Energy Says Concerns Over its Ability to Pay Debts "Completely False"

Mar 26, 2024 2:34 PM

05:02 PM EDT, 03/26/2024 (MT Newswires) -- Canacol Energy ( CNNEF ) on Tuesday said unspecified speculation over whether the company could meet its debt obligations is "completely false".

The Colombian oil and gas producer said it is in compliance with all covenants on its debt, though the company suspended its dividend last month to shore up its balance sheet and improve liquidity. It also said it can sell non-core assets if it needed an additional source of liquidity.

"Any speculation that the corporation may not be paying its next coupon is completely false and Canacol reaffirms its commitment to meet all its future financial obligations," it said in a release.

It is forecasting 2024 EBITDA at around US$270 million, higher than its 2023 result.

The company's shares closed up C$0.22 to C$4.51 on the Toronto Stock Exchange.

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