Canacol Energy's reserves jump, shares rise

Thu Sep 20, 2012 10:14am EDT
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(Reuters) - Canadian oil and gas producer Canacol Energy Ltd CNE.TO said proved plus probable reserves at its oilfields in Colombia and Ecuador more than doubled, sending its shares up 21 percent.

Canacol shares, which have fallen 36 percent until Wednesday close, hit a two-month high of 54 Canadian cents on Thursday morning on the Toronto Stock Exchange. The stock was one of the top percentage gainers on the exchange.

The South America-focused company's total proved reserves plus deemed volumes rose to 16.1 million barrels for the year ended June 30, from 7.9 million barrels a year earlier.

Total proved plus probable reserves in Rancho Hermoso and Entrerrios, which lie in the northern portion of the Llanos Basin in Colombia, rose 69 percent to 6.1 million barrels.

(Reporting by Ankur Banerjee in Bangalore; Editing by Sriraj Kalluvila)