TIDMAXL
RNS Number : 2081Q
Arrow Exploration Corp.
27 June 2022
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
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RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
ARROW ANNOUNCES TEST RESULTS OF RCS-1 WELL
Ahead of expectation well test results, with additional zones
identified
CALGARY, June 27, 2022 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company") is delighted to announce the
results of the Rio Cravo Sur-1 ("RCS-1") well testing on the Tapir
Block in the Llanos Basin of Colombia.
The RCS-1 well was spud on May 23, 2022. RCS-1 targeted a
three-way fault bounded structure with multiple high-quality
reservoir objectives on the Tapir Block in the Llanos Basin of
Colombia. The well was drilled to a total measured depth of 8,656
feet (8,105 feet true vertical depth) and encountered six
hydrocarbon bearing intervals totaling 55 net feet of oil pay.
Specific production test rates for the isolated new zones
(shallowest to deepest) include:
-- Carbonera C7B: tested 1872 bopd (net 936 bopd) peak rate of 30 API crude.
The zone was tested on June 22(nd) for 33 hours at an average
rate of 1076 bopd (net 538 bopd).
-- Ubaque: tested 184 bopd (net 92 bopd) peak rate of 12-13 API crude.
The zone was tested June 13(th) for 38.5 hours at an average
rate of 33 bopd (net 16.5 bopd).
Test results are not necessarily indicative of long-term
performance or ultimate recovery.
After the C7B test performance, the decision was made to put the
C7B on production. Arrow decided not to test the up-hole C7 zones,
and the Gacheta C, as they had been proven to be oil bearing in
RCE-2. The test of the Gacheta B zone was cut short due to
formation water production.
Marshall Abbott, CEO of Arrow commented:
"We're encouraged by the material results of RCS-1, the third
well on the Tapir block. RCS-1 identified new zones for further
exploitation with flowing results returning better than
expected."
"We're currently completing the C7B zone, targeting to be on
stream this week. This increases Arrow's production and reserves.
The Company intends to bring RCS-1 on slowly and increase
production to best manage the oil reservoir."
"Arrow's current production is providing positive cashflow for
the Company during a high commodity price environment. Continued
strong production rates from existing tied-in wells combined with
the encouraging results from new drills in Colombia support the
Company's objective of achieving a production rate of 3,000 boe/d
within 18 months of its AIM listing (completed in October 2021).
This is an exciting time for Arrow, and we look forward to
providing further updates on our progress."
The RCS-1 well costs came in under budget.
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 (Corporate) + 44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
James Crothers +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.
Glossary
API: A specific gravity scale developed by the American
Petroleum Institute ( API ) for measuring the relative density of
various petroleum liquids, expressed in degrees.
Bopd: barrels of oil per day
boe/d: barrels of oil equivalent 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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of the UK version of the market abuse regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
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END
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