TIDMAXL
RNS Number : 5180Y
Arrow Exploration Corp.
07 September 2022
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ARROW ANNOUNCES TEST RESULTS OF EAST PEPPER WELL
Well tested higher gas flow rate than expected
CALGARY, September 7, 2022 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the"Company") is delighted to announce the
results of the East Pepper well testing on the Pepper Block in the
Alberta, Canada.
The 100 per cent working interest East Pepper well
(100/14-21-052-22W5/3) was tested before tie-in activities began on
August 30, 2022. The East Pepper well is a horizontal multi-stage
fractured well producing from the Montney zone on the Pepper block.
The well was drilled (originally in 2014) to a total measured depth
of 15,269 feet with a horizontal leg of 2,917 feet.
Specific data for the production test for the Montney zone were
as follows:
-- The production test was run over a 27.8-hour period.
-- Natural Gas production tested at a peak rate of 21,206 mcf/d
(3,534 boe/d), a stabilized rate of 9,220 mcf/d (1,537 boe/d) and
an average rate of 10,921 mcf/d (1,820 boe/d).
-- Condensate produced over the test period was 24.27 bbls.
-- The well had an average well head pressure of 3,276 psi over the test period.
Test results are not necessarily indicative of long-term
performance or ultimate recovery.
Arrow expects that the tie-in facilities will be completed and
the well will be put on production by the end of October 2022. The
company expects typical production declines in the first few months
and is accordingly sizing tie-in equipment for 7,000 mcf/d (1,167
boe/d).
Marshall Abbott, CEO of Arrow commented:
"We're encouraged by the better-than-expected East Pepper
production test, the second well on the Pepper block. We are
particularly encouraged by the material flow rate and the strength
and speed of pressure recovery after shut in. Arrow holds a 100 per
cent interest in approximate 22,000 acres of undeveloped land at
Pepper. This is our second well in the Montney formation on the
Arrow asset."
"The well is expected to be put on production to take advantage
of the typically higher natural gas prices that the winter
brings."
"The next project that Arrow is focusing on is the recompletion
of the RCE-1 and RCS-1 wells at the Tapir block in Colombia. Both
recompletions involve bringing on additional zones in combination
with existing production. This is an exciting time for Arrow, and
we look forward to providing further updates on our progress."
Continued strong production rates from existing tied-in wells
combined with the encouraging results from new drills in Colombia
support the Company's objective of achieving a production rate of
3,000 boe/d within 18 months of its AIM listing (completed in
October 2021).
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Joe McFarlane, CFO +1 403 818 1033
Brookline Public Relations, Inc.
Shauna MacDonald +1 403 538 5645
Canaccord Genuity (Nominated
Advisor and Joint Broker)
Henry Fitzgerald-O'Connor +44 (0)20 7523 8000
James Asensio
Gordon Hamilton
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
underexploited, 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.
Glossary
Bbls: barrels of crude oil
boe/d: barrels of oil equivalent per day
Bopd: barrels of oil per day
mcf/d: thousands of cubic feet of natural gas per day
Psi: pounds per square inch
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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END
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