Calgary, Alberta–(Newsfile Corp. – January 4, 2024) – 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 operations and provide guidance moving into 2024.
BUSINESS BUDGET & 2024
The Company closed 2023 with production greater than 3,200 net boe/d.
The Company plans to drill 3 horizontal CN wells penetrating the 110 feet of oil column shown through the first 3 wells drilled in the Ubaque field in 2023. The Company also plans to drill 4 vertical CN Carbonera C7 wells over an area giant upper structural. altitude. Array Both spaces proved to be prolific manufacturers in the initial drilling phase. Another vertical well at CN will target Ubaque production, providing the Company with more data on the direction of the planned horizontal wells. In addition to CN development, Arrow will focus on low-risk exploration, with wells spread across the Mateguafa prospect, a step up from the original Mateguafa discovery (which has produced 600,000 barrels to date) and the Baquiano prospect, which is believed to be technically the same as the Carrizales Norte discovery and the Carrizales Noroeste prospect, which will test the hydrocarbon-laden trace west of the main CN fault. In isolation, each prospect has the potential, on its own, to particularly increase production, reserves and cash flow.
The Tapir Block in Colombia’s Llanos Basin, where Arrow has a constant 50 percent interest, currently has 11 generating wells, adding the newest wells drilled, Rio Cravo Este 7 (RCE-7) and Rio Cravo Este 8 (RCE-7). 8). The RCE-7 and NCE-8 were completed on the C7 and went into production in the last quarter of 2023. The RCE-7 and RCE-8 exceeded expectations with a combined production of more than 1,700 gross BOPD (850 net BOPD). The CER complex has produced 1. 7 million barrels in the past 12 months and more progression sites are planned.
Grizzly Bear & Capella
The Oso Pardo-3 and Oso Pardo-4 wells in the Oso Pardo box in Colombia’s Middle Magdalena Valley Basin, where Arrow has a 100% interest, have been drilled and effectively tested. During the testing phase of both wells, control decided that the reservoir had ruptured due to the superior weight of the powder used in drilling. The original OP wells were eventually boosted with positive results. Arrow expects the reservoir to be stimulated early in the first quarter of 2024 and that the Oso Grizzly 1 wells were taken out of service at the end of the year due to a gap in the production pipeline. Management plans to reopen the well in early 2024, once the repair is complete.
Marshall Abbott, CEO of Arrow commented:
“Arrow is proud of the finished paints and effects for 2023, our average production rates more than doubled over the course of the year, and the company has demonstrated that it is capable of executing a capital-competitive painting program. The company believes it is capable of a similar production expansion in 2024. Arrow discovered a new multi-zone core zone and benefited from positive bookings. Arrow was also able to complete a 100-kilometre-long three-dimensional seismic program and expand many new perspectives.
“In 2024, the Company expects to continue its immediate expansion profile with progressive drilling in the Ubaque and Carbonera formations. The effects of 2023 demonstrate that Carbonera remains a strong high-volume producer, while the Ubaque formation has shown production extending beyond CN. Several progression sites are planned based on existing effects, adding horizontal drilling at the Ubaque orebody in the CN table. Horizontal wells produce at particularly high rates with marginal increases in load compared to a vertical well, extending recovery and saving from the top oil box. remuneration. In addition, it is being considered to continue drilling progressively from the RCE platform.
“Arrow’s fully funded, low risk drilling program for 2024 continues to build momentum across our extensive portfolio. Arrow is poised to achieve significantly higher production and commensurate cash flow through the 2024 calendar year.
For information, please contact:
Arrow Exploration Marshall Abbott, Chief Executive Officer 1-403-651-5995 Joe McFarlane, Chief Financial Officer 1-403-818-1033
Brookline Public Relations, Inc.Shauna MacDonald+1 403 538 5645
Canaccord Genuity (Designated Advisor & Co-Broker)Henry Fitzgerald-O’ConnorJames AsensioGeorge Grainger (0)20 7523 8000
Camarco (PR Finance) Andrew Turner Rebecca Waterworth Kirsty Duff (0) 20 3781 8331
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. By way of a private commercial contract with the recognized interest holder before Ecopetrol S.A., Arrow is entitled to receive 50% of the production from the Tapir block. The formal assignment to the Company is subject to Ecopetrol’s consent. 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
The forward-looking statements included in this press release are not promises of long-term functionality and do not deserve to be unduly relied upon. These forward-looking statements involve known and unknown risks, uncertainties and other points that could possibly cause actual effects or occasions. differ materially from those expected in such forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company assumes no legal responsibility to publicly update or revise any forward-looking statements, whether as a result of new information, long-term events or otherwise, as necessary. Applicable Securities Laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is found in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Glossary
BOE/D: barrels of oil consistent with the day
Qualified Person Statement
The technical data contained in this announcement has been reviewed and approved by Grant Carnie, senior non-executive director of Arrow Exploration Corp. Sr. Carnie is a member of the Canadian Society of Petroleum Engineers and holds a bachelor’s degree in Petroleum Engineering and Geology from the University of Alberta and has over 35 years of experience in the petroleum and fuels industry.
This announcement is internal information for the purposes of the UK edition of the Market Abuse Regulation (EU No 596/2014), as a bureaucratic component of UK domestic law under the European Union (Withdrawal) Act 2018 (“UK MAR”).
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