TIDMAXL
RNS Number : 5027Q
Arrow Exploration Corp.
21 February 2023
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 ANNOUNCES REACHING TARGET DEPTH ON THE RCE-3 WELL, AND
OPERATIONS UPDATE
Production zones identified
CALGARY, February 21, 2023 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator
with a portfolio of assets across key Colombian hydrocarbon basins,
is pleased to provide an update on the drilling of Rio Cravo Este-3
("RCE-3"), an appraisal well on the Tapir Block in the Llanos Basin
of Colombia, and is providing an operations update.
RCE-3 Update
The RCE-3 well reached total depth on February 16, 2023. RCE-3
is location within the Rio Cravo Este oil field, located on the
Tapir Block in the Llanos Basin of Colombia. The well was drilled
to a total measured depth of 8,880 feet (8,087 feet true vertical
depth) and encountered seven hydrocarbon bearing intervals totaling
58 net feet of oil pay (measured depth).
The following hydrocarbon bearing intervals have been
identified:
-- Carbonera C7: 19 feet net oil pay over three intervals
-- Lower Gacheta: 39 feet net oil pay over four intervals
Interval thicknesses are not necessarily indicative of long-term
performance or ultimate recovery.
It is expected that the RCE-3 well will begin production in
early March 2023. The rig will then be moved to the RCE-4 location
with the intention that RCE-4 will spud within two days of RCE-3
being brought on production.
Marshall Abbott, CEO of Arrow commented:
"We're happy with the rig performance and the speed target depth
was reached. We are also encouraged by the log results of RCE-3,
the fourth well drilled by Arrow on the Tapir block. RCE-3 has
confirmed the continuity of oil-bearing intervals seen in adjacent
wells, and discovered a potential new pay zone in the Gacheta."
"We're currently completing the C7 zone, targeting to be on
stream in early March. This will increase Arrow's production and
reserves. Following, the Company's procedures, Arrow will bring
RCE-3 on slowly and increase production to best manage the oil
reservoir."
"Arrow's current production is providing positive cashflow for
the Company during a high commodity price environment. Continued
strong production rates from existing tied-in wells combined with
the encouraging results from new wells 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).
This is an exciting time for Arrow, and we look forward to
providing further updates on our progress."
Operations Update
Carrizales Norte
Arrow has completed construction of the road, pad and cellars
for the three planned Carrizales Norte (CN) wells. The wells are
expected to be drilled immediately following RCE-5 and mobilization
of the rig to the new CN pad.
3D Seismic Project, Tapir Block
Surveying operations are ongoing within the 134 square kilometer
3D seismic project on the Tapir block. Equipment testing will
commence this week and Arrow anticipates recording operations to
begin in early March. Data acquisition is scheduled to be completed
in April 2023.
Capella Field
The Capella field, which Arrow has a 10% interest in, has been
shut in since February 7, 2023, due to road blocks and protests in
the immediate area. The Capella field is operated by a third party.
Discussions are continuing with representatives from the
government, protesters and the field operator. Management is
seeking solutions to help resolve the protesters' concerns. Arrow's
share of the Capella field production is approximately 280
bbls/d.
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
James Asensio
Gordon Hamilton +44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright + 44 (0)7711 627449
Rupert Holdsworth Hunt
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".
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
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").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAFAEAENDEAA
(END) Dow Jones Newswires
February 21, 2023 02:00 ET (07:00 GMT)
Arrow Exploration (LSE:AXL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Arrow Exploration (LSE:AXL)
Historical Stock Chart
From Jul 2023 to Jul 2024