Arrow Exploration announces record numbers as company unveils 3Q results
December 04, 2023 at 01:49 pm EST
Share
(via NewsDirect)
Arrow Exploration CEO Marshall Abbott joined Steve Darling from Proactive to announce the interim results for the company's third quarter and first nine months of 2023.
The company reported total oil and natural gas revenue, net of royalties, of $13.9 million, nearly double compared to the same period in 2022. Net income was $7.1 million, and adjusted EBITDA reached $9.8 million, both more than double compared to 2022. The company maintains a strong cash position with $12.8 million at the end of Q3 2023.
Abbott shared with Proactive the company's successful drilling activities, including the Carrizales Norte-2 (CN-2) and Carrizales Norte-3 (CN-3) wells at the Tapir block, resulting in additional production and reserve additions.
The company has significantly increased its reserves from the Carrizales Norte discovery, adding more than 3.92 million barrels of 2P reserves.
Looking ahead, Abbott mentioned plans to drill two additional wells at Rio Cravo Este (RCE) by year-end and another development well on the Oso Pardo Block in the Middle Magdalena Basin.
In 2024, Arrow Exploration plans to execute a $40 million capital program, which includes drilling 15 wells. The focus will be on the Carrizales Norte discovery, with three horizontal wells planned. Additionally, low-risk step-out and exploration wells are scheduled at the Mateguafa Attic and Baquiano prospects.
Contact Details
Proactive Canada
+1 604-688-8158
na-editorial@proactiveinvestors.com
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Arrow Exploration Corp. is a Canada-based junior oil and gas company. The Company is engaged in the acquisition, exploration and development of oil and gas properties in Colombia and in Western Canada. The Company operates through two segments: Colombia and Canada. In the Llanos Basin, the Company is engaged in the exploration, development, and production of oil within the Tapir block. Its assets include Tapir Block, Santa Isabel (Oso Pardo), and Capella Field. The Company owns a 50% interest in Tapir Block with approximately 65,154 gross acres (32,577 acres net). Its Oso Pardo Field is located in the Santa Isabel Block in the Middle Magdalena Valley (MMV) Basin. The Company also owns approximately 10% interest in the Ombu Block, which contains the Capella discovery. The Capella Field produces approximately 2,250 billion barrels per day (bbl)/d (225 bbl/d net).