Bloomberg News

Canacol Gains as Partner Platino Drills Top Target: Bogota Mover

June 07, 2013

Canacol Energy Ltd. (CNEC), a Calgary-based oil company that operates in Colombia, rose to the highest in two months after drilling partner Platino Energy Corp. said it was starting a well on a “significant” prospect.

Canacol 2.1 advanced percent to 5,280 pesos at 1:21 p.m. in Bogota, the highest intraday price since April 12. It was the biggest gainer on the benchmark Colcap index, which fell 0.2 percent.

Platino started its first exploration well on the Coati Block in Colombia and expects to release drilling results in the third quarter, the company said in a statement today. Canacol said last month it agreed to acquire a 20 percent stake in the block.

Coati, located near the border with Ecuador, is “one of the most significant conventional exploration targets in Colombia this year,” Platino chief executive officer Tomas Villamil said in the statement. Last month, Villamil said Coati is Platino’s largest potential prospect.

Calgary-based Platino’s Canadian-traded shares gained 6.3 percent to C$1.35.

To contact the reporter on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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