TIDMAXL
RNS Number : 3592V
Arrow Exploration Corp.
13 December 2021
13 December 2021
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
Arrow Exploration Corp.
("Arrow" or the "Company")
WEST PEPPER WELL On PRODUCTION
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) is pleased to
announce that as of December 10(th) , 2021 the Dalehurst
06-26-52-23W5 well ("West Pepper Well") located near Edson,
Alberta, Canada was brought on stream.
Initial stabilized production rates are 6.2 MMscf/d of natural
gas, or over 1,030 boe/d, at 7,214 kPa tubing pressure, 30,048 kPa
casing pressure, and with no water production.
With the additional production from the West Pepper Well, the
Company estimates that its net corporate production is
approximately 1,570 boe/d, almost tripling net corporate production
prior to the tie-in of the West Pepper Well.
The West Pepper Well was brought on production at an estimated
capital cost of approximately US$1.3 million.
With this additional natural gas production, the Company expects
to benefit from currently robust natural gas prices in Canada.
January 2022 natural gas futures contracts at the AECO hub (the
benchmark for natural gas prices in Canada) were C$3.87/GJ as of
December 12(th) , 2021, being approximately 30% higher than the
2021 Q3 average of C$2.97/GJ.
Marshall Abbott, CEO commented: "Production initiation at the
West Pepper Well represents a step change in our overall production
profile. The well is expected to generate significant additional
revenue and cash flow for the Company going forward."
Due to expected natural decline rates, the initial production
rates may not be indicative of the long-term expected production
from the West Pepper Well.
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Max Satel, EVP Corporate Development
& Investor Relations +1 416 904 2258
Arden Partners (Joint Broker and
Nominated Adviser)
Ruari McGirr / Richard Johnson
(Corporate) +44 (0)20 7614 5900
Seb Wykeham / Simon Johnson (Broking)
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) + 44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
James Crothers +44 (0)20 3781 8331
Rebecca Waterworth
Billy Clegg
About Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia via a branch of
its 100% owned subsidiary Carrao Energy S.A.) is a publicly-traded
company with a portfolio of premier Colombian oil assets that are
under-exploited, under-explored and offer high potential growth.
The Company's business plan is to expand oil production from some
of Colombia's most active basins, including the Llanos, Middle
Magdalena Valley (MMV) and Putumayo Basin. The asset base is
predominantly operated with high working interests, and the
Brent-linked light oil pricing exposure combines with low royalties
to yield attractive potential operating margins. Arrow's 50%
interest in the Tapir Block is contingent on the assignment by
Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is
led by a hands-on executive team supported by an experienced board.
Arrow is listed on the AIM market of the London Stock Exchange and
on TSX Venture Exchange under the symbol "AXL".
Forward-looking Statements
This news release contains certain statements or disclosures
relating to Arrow that are based on the expectations of its
management as well as assumptions made by and information currently
available to Arrow which may constitute forward-looking statements
or information ("forward-looking statements") under applicable
securities laws. All such statements and disclosures, other than
those of historical fact, which address activities, events,
outcomes, results or developments that Arrow anticipates or expects
may, could or will occur in the future (in whole or in part) should
be considered forward-looking statements. In some cases,
forward-looking statements can be identified by the use of the
words "continue", "expect", "opportunity", "plan", "potential" and
"will" and similar expressions. The forward-looking statements
contained in this news release reflect several material factors and
expectations and assumptions of Arrow, including without
limitation, Arrow's evaluation of the impacts of COVID-19, the
potential of Arrow's Colombian and/or Canadian assets (or any of
them individually), the prices of oil and/or natural gas, and
Arrow's business plan to expand oil and gas production and achieve
attractive potential operating margins. Arrow believes the
expectations and assumptions reflected in the forward-looking
statements are reasonable at this time but no assurance can be
given that these factors, expectations and assumptions will prove
to be correct.
The forward-looking statements included in this news release are
not guarantees of future performance and should not be unduly
relied upon. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
hereof and the Company undertakes no obligations to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Abbreviations
MMscf/d million standard cubic feet per day
boe/d barrels of oil equivalent per day
kPa kiloPascals
psi pounds per square inch
GJ gigajoule
AECO hub the AECO hub gas storage facility in southern Alberta
API American Petroleum Institute gravity
Qualified Person's Statement:
The technical information contained in this announcement has
been reviewed and approved by Grant Carnie, senior non-executive
director of Arrow Exploration Corp. Mr. Carnie is a member of the
Canadian Society of Petroleum Engineers, holds a B.Sc. in Geology
from the University of Alberta and has over 35 years' experience in
the oil and gas industry.
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