TIDMAXL
RNS Number : 0468V
Arrow Exploration Corp.
03 April 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-5 WELL
Production zones identified
CALGARY, April 3, 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-5
("RCE-5"), a development well on the Rio Cravo oil field within the
Tapir Block in the Llanos Basin of Colombia, and is providing an
operations update.
RCE-5 Update
The RCE-5 well reached total depth on March 29, 2023. The well
was drilled to a total measured depth of 10,200 feet (8,100 feet
true vertical depth) and encountered six hydrocarbon bearing
intervals totaling 90 net feet of oil pay (measured depth).
The following hydrocarbon bearing intervals have been
identified:
-- Carbonera C7: 36 feet net oil pay over two intervals
-- Lower Gacheta: 54 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-5 well will begin production in
early April 2023. The rig will then be moved to the Carrizales
Norte-1 (CN-1) location with the intention that CN-1 will spud late
April or early May.
RCE-3 and RCE-4 Update
At RCE-3, the submersible pump has been engaged and the well is
currently producing at 800 BOPD gross (400 BOPD net) with 10%
watercut. Plans are 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.
RCE-4 continues to flow naturally at 700 BOPD gross (350 BOPD
net) with 1% watercut.
Marshall Abbott, CEO of Arrow commented:
RCE-5 was drilled under budget and on time. The team continues
to become more experienced in the play and this is resulting in
cost and time savings. The net pay encountered in RCE-5 is one of
the largest to date in the RCE field. We now have six wells drilled
into the RCE structure and a very good understanding of the
distribution of the various oil-bearing reservoirs we have
encountered."
We're currently completing the C7 zone at RCE-5, targeting to be
on stream in early April. These wells continue to increase Arrow's
production and reserves. Arrow will bring RCE-5 on slowly and
increase production to best manage the oil reservoir as it
continues to do with RCE-3 and RCE-4.
Despite the lost production at the Capella field, Arrow is on a
trajectory to exceed 3,000 BOPD in the near term. These wells are
quick to payout providing positive cashflow for the Company during
a high commodity price environment. This is an exciting time for
Arrow, and we look forward to providing further updates on our
progress.
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").
Glossary
BOPD - barrels of oil per day
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