Aug 9 (Reuters) - Canacol Energy Ltd CNE.TO
* Canacol Energy Ltd enters into Sabanas Gas flowline agreement
* Canacol Energy Ltd - Canacol's financial contribution to project will be almost entirely satisfied by costs incurred to date
* Canacol Energy - $41 million Sabanas Gas flowline project will be financed through $30.5 million investment by group of private investors, $10.5 million from Canacol
* Canacol Energy Ltd - canacol's financial contribution to project will not involve issuance of new equity or affect its current cash position
* Canacol Energy Ltd - two members of co's board have participated in private investor financing for an aggregate amount of US $9.0 million
* Canacol Energy Ltd ltd - has option to divest up to an additional US$3 million of its share of project, thus lowering its investment to about US$7.5 million