Canacol Energy paid quarterly dividends from the fourth quarter in 2019 to the fourth quarter in 2023. Canacol’s general practice was to pay quarterly cash dividends on the Common Shares from its distributable cash flow to Shareholders of record as of the dividend record date, which was generally 15 days prior to the dividend payment date. The amount of dividends paid on the Common Shares, was subject to the discretion of the Board of Directors. In addition to the standard legislated solvency and liquidity tests that needed to be met, Canacol’s ability to declare and pay dividends was also dependent on its compliance with the covenants under the 2021 Senior Note Indenture and the 2023 Credit Facility.

*On January 17, 2023, 170,557,290 Common Shares issued and outstanding were reduced to 34,111,458 Common Shares, this will translate to quarterly cash dividends of CAD $0.26 per share (Post-Consolidation) in comparison to CAD $0.052 (Pre-Consolidation) per share.