TIDMAXL
RNS Number : 8186E
Arrow Exploration Corp.
01 November 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.
OPERATIONS UPDATE
CALGARY, November 1, 2022 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company"), is pleased to provide an
operations update.
Operations Update
Canadian operations
-- East Pepper tie-in
o Following reporting of successful testing of the East Pepper
well in September, the Company is now pleased to confirm the tie-in
has been completed, and production began on October 25(th)
o Initial rate was 7.6 mmcf/d or approximately 1,260 boe/d
o The well has been choked back to produce at 6 mmcf/d or
approximately 1,000 boe/d
o The Company expects typical production declines; accelerated
initial declines which should level off to 4-5% per month
Colombian operations
-- RCS-1 and RCE-1 Workovers:
o The workover program on RCS-1 and RCE-1 is progressing as
expected and the Company anticipates reporting on production rates
in the next few weeks once the wells have cleaned-up
-- RCE-3 and RCE-4 Development Drilling:
o Operations remain on track for RCE-3 to spud in December, with
RCE-4 operations to follow immediately after completion of
RCE-3
-- Carrizales Norte
o After drilling RCE-3, RCE-4 and the RC water disposal well,
the same rig will be moved to the Carrizales Norte field
o Currently Arrow is building a road and pad for the Carrizales
Norte field
o Drilling at Carrizales 1 & 2 is anticipated to begin in Q1
2023
Corporate Production
Corporate production as of October 27, 2022, is approximately
2,530 boe/d net.
Total net production from the Rio Cravo field is 760 bopd prior
to any contribution from the current workover program.
The Pepper Field has been producing approximately 1,270 boe/d,
comprising approximately 270 boe/d from West Pepper and
approximately 1,000 boe/d from East Pepper. Production at West
Pepper is currently being curtailed due to third party facility
constraints. Expectations are that production will return to
approximately 400 boe/d in early Q4 2022.
The two wells, along with continuing and expected robust natural
gas prices in North America, are expected to further enhance the
value of the Pepper field. Arrow has 23,000 acres of contiguous
Montney rights in the Pepper Area.
Marshall Abbott, CEO of Arrow Exploration Corp., commented:
"Arrow is extremely pleased with the results of the tie-in of
the Alberta East Pepper Montney well. The East Pepper well results
show the potential for the large, 100% owned, 23,000 acre Pepper
land block. The workover program in Colombia is also progressing to
plan, and we look forward to providing further updates on these
wells as well as the development drilling of the RCE-3 and RCE-4
wells when updates are available. We are excited about the upcoming
capital programs and we expect material production and reserve
additions. The Arrow Team continues to execute our strategy to
increase shareholder value."
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
Gordon Hamilton +44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) + 44 (0)7711 627449
Rupert Holdsworth Hunt 44 7803
752399
Camarco (Financial PR)
Georgia Edmonds +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".
Cautionary Statement
This press release contains various references to the
abbreviation "boe" which means barrels of oil equivalent. Where
amounts are expressed on a BOE basis, natural gas volumes have been
converted to oil equivalence at six thousand cubic feet (Mcf) per
barrel (bbl). The term boe may be misleading, particularly if used
in isolation. A BOE conversion ratio of six thousand cubic feet per
barrel is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Glossary
Bbopd: Barrels of oil per day
boe/d: Barrels of oil equivalent per day
mcf/d: thousands of cubic feet of natural gas per day
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.
This Announcement contains inside information for the purposes
of the UK version of the market abuse regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
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END
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