05:11 PM EDT, 03/27/2024 (MT Newswires) -- Canacol Energy ( CNNEF ) on Wednesday said it Pomelo 1 exploration well is now producing as much as 10-million cubic feet per day of natural gas.

The Colombian oil and gas producer the well reached total depth of 12,276 feet in early March, tapping into 96 feet of reservoir with 21% porosity.

Canacol said production from the well tested at up to 10-million cubic feet of gas per day, but output is now constricted to eight million cfpd.

The rig used to drill the well has been moved three kilometers north of the discovery to drill the Chontaduro 1 well, with drilling expected to begin in the first week of April.

Canacol shares closed up C$0.17 to C$4.68 on the Toronto Stock Exchange.