Canacol Eyes New Equity

Canadian oil company Canacol Energy, which operates in Colombia, Brazil and Guyana, is likely to tap the equity markets again in the next 18 months. “We would almost certainly raise new equity,” if the company’s current 12-18 month exploration program is successful, Mark Teare, Canacol’s vp of exploration says. A deal could come at any time during that period. Canacol got CAD57m ($58m) from a private equity capital raise in March, in a deal bought by managing banks, Cormark Securities, Canaccord Genuity, FirstEnergy Capital, Stifel Nicolaus Canada, Citi, Mackie Research Capital and TD Securities, Canacol says. Teare spoke at a conference organized by Bloomberg Thursday.