February 13, 2012 / 12:37 PM / 6 years ago

UPDATE 1-Canacol Energy posts narrower 2nd-qtr loss on higher sales volumes

(Adds details, background)

Feb 13 (Reuters) - South America-focused oil company Canacol Energy Ltd posted a narrower second-quarter loss, helped by a jump in average daily sales volume.

In 2012, the company plans to execute a large exploration program targeting heavy oil in the Putumayo-Caguan basin in Colombia and light oil in the Putumayo and Middle Magdalena basins.

In February, Canacol was awarded an incremental production contract on the Libertador and Atacapi fields in Ecuador, and expects to spend about $10.2 million of additional capital expenditure in 2012.

In December, the company had set a $150 million capital program for this year.

Net loss during the quarter was $2.4 million, compared with a net loss of $14.9 million for the comparable period last year.

Total revenue jumped more than three-fold to $55.2 million.

Funds from operations for the quarter ended Dec. 31 was $24.5 million, or 5 cents a share, compared with $2.6 million, or 1 cent a share, a year ago.

Average daily sales volumes increased 330 percent to 13,680 barrels of oil per day.

Shares of the Calgary, Alberta-based company closed at 87 Canadian cents on Friday on the Toronto Stock Exchange. (Reporting by Shounak Dasgupta in Bangalore; Editing by Sriraj Kalluvila)

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