The company has encountered oil within the shallow conventional Lisama sandstone reservoir.
Canacol Energy president and CEO Charle Gamba said the initial results of the exploration well have confirmed oil.
"This has a very positive implication for our adjacent Santa Isabel contract, which we operate with 100% working interest, where we have mapped 4 similar Lisama prospects on the basis of recently acquired 3D seismic," Gamba added.
"We plan to drill the largest prospect, Oso Pardo, in the first quarter of 2013 at Santa Isabel.
"We are looking forward to the results from the deeper part of the Mono Arana well, where we are testing the oil potential of the shales and carbonates of the La Luna and Tablazo formations."
Canacol is also carrying out exploration drilling programs targeting the onventional heavy oil resources in the Caguan – Putumayo Basin, and smaller light oil conventional resources in the Llanos Basin which are situated next to Rancho Hermoso field, in Colombia.
