TIDMAXL
RNS Number : 3351Z
Arrow Exploration Corp.
15 May 2023
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
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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 CN-1 WELL
Multiple zones identified
CALGARY, May 15, 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 Carrizales Norte 1
(CN-1), an exploration well on the Tapir Block in the Llanos Basin
of Colombia.
CN-1 Update
The CN-1 well was spud on May 1, 2023 and reached total depth on
May 11, 2023. The well was drilled to a total measured depth of
9,190 feet (8,511 feet true vertical depth) and encountered
approximately 148 feet of net oil pay measured depth (128 feet
TVD).
The hydrocarbon bearing intervals are as follows:
-- 26 feet of net pay in Carbonera C7 sands. High quality
reservoir characteristics are similar to what was encountered in
the highly productive Rio Cravo Este (RCE) series of wells.
-- 64 feet of net oil pay within the Gacheta formation. Pay
sands exhibit excellent reservoir characteristics with oil shows
and strong hydrocarbon chromatograph response.
-- 58 feet net oil pay within the Ubaque formation. The main pay
zone is a very clean, thick and continuous sandstone with excellent
reservoir characteristics.
Interval thicknesses are not necessarily indicative of long-term
performance or ultimate recovery.
A testing and completion program is under review. Testing will
likely begin with the deeper Ubaque, followed by the Gacheta and
then the highly porous and permeable C7 reservoirs. Tests will be
conducted over the following weeks, with production forecast to
commence in early June 2023. The Carrizales Norte-2 (CN-2) well
will be drilled immediately upon completion of CN-1.
Marshall Abbott, CEO of Arrow commented:
"The CN-1 discovery is an extremely important and material event
for Arrow and is further evidence of the potential of the Tapir
block. All primary targets in the well have clear indications of
oil pay and have the potential to greatly increase the Company's
reserves and production. Currently there are no reserves booked at
the Carrizales Norte field. Apart from the exceptional technical
results, the CN-1 well was drilled on time and under budget. Arrow
plans to test several zones over the following weeks and then make
a decision on which zone to bring on production.
Our expectation is that the CN wells will behave in a similar
manner to the RCE wells, quick to payout with triple digit IRRs
providing positive cashflow for the Company during a high commodity
price environment. This is a very 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.
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