Arrow Exploration Corp. SPUDDING OF CARRIZALES NORTE-1 WELL (3432Y)
May 04 2023 - 2:00AM
UK Regulatory
TIDMAXL
RNS Number : 3432Y
Arrow Exploration Corp.
04 May 2023
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ARROW ANNOUNCES SPUDDING OF CARRIZALES NORTE-1 Well
CALGARY, May 4, 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,
announces that it has spud the Carrizales Norte-1 ("CN-1") well on
the Tapir Block in the Llanos Basin of Colombia using the
contracted Petroworks rig.
The well is targeting a large, three-way fault-bounded structure
with multiple high-quality reservoir objectives. The well will be
drilled to a measured depth of 9205 feet (8,555 feet True Vertical
Depth).
Marshall Abbott, CEO of Arrow commented, "we're extremely
pleased to have spud the first well at Carrizales Norte on the
Tapir Block. The success of this well could result in additional
production, additional reserves and a new core area for Arrow.
Should CN-1 prove to be commercially successful, the rig will
immediately move to drill CN-2, which is expected to spud in
early-June."
Drilling of the CN-1 well is expected to reach target depth in
the middle of May, followed by completion and testing. Testing is
expected to take approximately five days per zone.
The Company will continue to provide additional updates on the
CN-1 well as appropriate.
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-
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.
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Provider (as that term is defined in policies of the TSX Venture
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