TIDMAXL
RNS Number : 6601S
Arrow Exploration Corp.
13 March 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
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ARROW ANNOUNCES REACHING TARGET DEPTH ON THE RCE-4 WELL
Production zones identified
CALGARY, March 13, 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 activity at Rio
Cravo Este (RCE) on the Tapir Block in the Llanos Basin of
Colombia.
RCE-4 Update
The RCE-4 well was spud on March 1, 2023, and reached total
depth on March 8, 2023. RCE-4 is located within the RCE oil field
on the Tapir Block in the Llanos Basin of Colombia. The well was
drilled to a total measured depth of 8,546 feet (8,053 feet true
vertical depth) and encountered six hydrocarbon bearing intervals
totaling 45 net feet of oil pay (measured depth).
The following hydrocarbon bearing intervals have been
identified:
-- Carbonera C7: 25 feet net oil pay over two intervals
-- Lower Gacheta: 20 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-4 well will begin production in late
March 2023. The rig will then be moved to the RCE-5 location with
the intention that RCE-5 will spud within a few days of RCE-4 being
brought on production.
RCE-3 Update
RCE-3 continues to flow naturally at 650 BOPD gross with no
pressure drop and zero water cut. We anticipate activating the
submersible pump to increase production on a measured conservative
basis to achieve balance between maximum production and ultimate
recoverable reserves. The same incremental approach will be applied
to RCE-4 and RCE-5
Capella Field Update
Meetings have progressed between the government, protesters and
operator regarding the Capella field in the Ombu block. The
government has agreed to some of the demands of the protesters and
is reviewing other requests. Protesters have been leaving the area.
The Capella field continues to be shut in and is currently
protected by the Colombia military. Arrow hopes for a safe and
quick resolution and return to operations.
Marshall Abbott, CEO of Arrow commented:
"RCE-4 was drilled quicker than any other well on the Rio Cravo
structure to date. The team's growing experience with the play is
resulting in more efficient operations and lower costs. The log
results of RCE--4 are in line with our expectations for the well.
This is the fifth well drilled by Arrow on the Tapir block and it
has confirmed the continuity of oil-bearing intervals seen in
adjacent wells."
"We're currently completing the C7 zone, targeting to be on
stream in late March. This will increase Arrow's production and
reserves. Arrow will bring RCE-4 on slowly and increase production
to best manage the oil reservoir.
Once RCE-5 is drilled, the rig will mobilize to drill the three
planned wells on the Carrizales Norte Structure 20 km away.
"The results of the RCE-3 and RCE-4 wells, together with our
confidence in the outcome of the RCE-5 well and our upcoming
program at Carrizales Norte, provide us with confidence that we
will achieve the stated objective of achieving a production rate of
3,000 boe/d within 18 months of its AIM listing (completed in
October 2021). The next few months will be an exciting and busy
time for Arrow, and we look forward to providing further updates on
our progress."
Board Plans
Following the resignation from the board of Maria Charash to
pursue other opportunities, Arrow plans to add a new independent
Board member once a suitable candidate has been identified.
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.
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