TIDMAXL
RNS Number : 3454C
Arrow Exploration Corp.
22 February 2022
22 February 2022
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")
OPERATIONal UPDATE REGARDING RCE-2 Well
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) is pleased to
share an operational update in connection with the drilling of the
next well, the RCE-2 well, at the Rio Cravo Este Field (Tapir
Block) in Colombia. The Company continues to quickly advance
towards drilling the RCE-2 well.
-- The partners on the Tapir Block (Arrow 50% : PetrolCo 50%)
have largely completed the community socialization process, which
includes informational meetings with the communities, sourcing
local labour and trades, and meeting local public officials.
-- Following a competitive tender process to achieve the best
possible terms, the partners have executed the contract for the
drilling of the RCE-2 well with Top Drilling Company, an
experienced rig contractor headquartered in Bogota, Colombia. The
rig is a Lee C. Moore 1,500 HP unit with a 500 ton top drive.
-- The procurement of supplies continues to progress on
schedule, with major capital items such as downhole tubulars having
been acquired.
-- Contracts for site services, including the requisite field
staffing in advance of and during the drilling operation are being
executed. Site preparations, including civil works, have
commenced.
-- The partners expect the RCE-2 well to spud on or about March
15(th) , 2022, with drilling expected to take approximately three
weeks, followed by the testing of the well. Depending on the number
of zones encountered in the well bore, the testing is expected to
take approximately two weeks.
While preparations for drilling the follow-on RCS-1 well
(formerly named RCE-3) are at an earlier stage, Arrow expects the
RCS-1 well to spud during April 2022. The Company expects to
provide additional updates on the RCE-2 and RCS-1 wells in the
coming weeks.
Photos of the aforementioned rig can be found at
https://arrowexploration.ca/tapir-block/ , at the bottom of the web
page. The Company notes that the photos of the rig are from other
well sites, not from Rio Cravo Este.
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.
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END
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