TIDMAXL
RNS Number : 0247C
Arrow Exploration Corp.
08 June 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.
CN-1 WELL UPDATE
CALGARY, June 8, 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 Carrizales Norte-1 well
("CN--1"), an exploration well on the Tapir Block in the Llanos
Basin of Colombia where Arrow holds a 50 per cent beneficial
interest.
CN-1
Further to the Company's announcement on 30 May 2023, the
Company has commenced completion operations at CN-1 and Management
expects to proceed with putting the C7A and C7 zones straight on
production during the course of next week. The C7 reservoirs were
the primary target of CN-1 and displayed excellent reservoir
characteristics.
After a very successful test of the 45-foot thick Ubaque pay
zone, where stabilized rates exceeded 1,100 BOPD gross, the Gacheta
zones were tested and proved unproductive at this location.
Management is investigating potential reasons for the lack of
productivity and plans to re-evaluate these Gacheta zones in future
wells. Meanwhile the Company is proceeding with completion of the
C7 and C7A zones. Preliminary interpretation of the CN-1 discovery
suggests aggregate reserve capture materially exceeds initial
expectations.
Management's experience with the C7A and C7 zones at Rio Cravo
Este ("RCE") indicates CN-1 will produce in a similar fashion to
the wells at RCE where production rates have exceeded 1,000 BOPD
gross. Initial production results are not necessarily indicative of
long-term performance or ultimate recovery.
Immediately following the CN-1 well being put on production, the
rig will move over to spud the Carrizales Norte-2 (CN-2) well. Spud
to target depth time (10-12 days) has decreased through our
drilling program and costs have come in consistently under
budget.
Marshall Abbott, CEO of Arrow commented:
"The Carrizales Norte-1 discovery in both the C7 and Ubaque
reservoirs are extremely important and material events for Arrow
with both the C7 and Ubaque reservoirs exceeding expectations.
These results expand and accelerate the Carrizales Norte
development plan beyond three wells. As well, Arrow is planning to
complete a new reserve report once the Carrizales Norte 2 and 3
wells have been completed.
"Our expectation is that the Carrizales Norte wells will be
quick to payout in the current oil price environment and add to
shareholder value. 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. 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
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.
Glossary
BOPD: barrels of oil per day
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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as it forms part of United Kingdom domestic law by virtue of the
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END
UPDFFFSLRVIDIIV
(END) Dow Jones Newswires
June 08, 2023 02:00 ET (06:00 GMT)
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