Arrow Exploration Corp. FURTHER OPERATIONAL UPDATE REGARDING RCE-2 WELL (5895E)
March 14 2022 - 3:00AM
UK Regulatory
TIDMAXL
RNS Number : 5895E
Arrow Exploration Corp.
14 March 2022
14 March 2022
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Arrow Exploration Corp.
("Arrow" or the "Company")
FURTHER OPERATIONal UPDATE REGARDING RCE-2 Well
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) wishes to
announce a further operational update in connection with the
drilling of its next scheduled well, the RCE-2 well, at the Rio
Cravo Este Field (Tapir Block) in Colombia.
The Lee C. Moore 1,500 HP unit with a 500 ton top drive is
currently being mobilized to the RCE-2 drilling location. A minor
delay with rig scheduling has been overcome, and the partners on
the Tapir Block now expect the RCE-2 well to spud in late-March
2022.
Major gating items, including the acquisition of tubulars and
pumps, the mobilization of trucks, the completion of civil works,
and the community socialization process have been completed.
Drilling of the RCE-2 well is expected to take approximately two
weeks, followed by completion and testing. Depending on the number
of zones encountered in the well bore, testing is expected to take
approximately five days per zone.
The second well in the drilling program, the RCS-1 well
(formerly named RCE-3), is expected to spud in early-May 2022. The
Company will continue to provide additional updates on the RCE-2
and RCS-1 wells as appropriate.
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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