Arrow Announces Q3 2023 Interim Results

Source: 11/29/2023, Location: South America

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, announces the filing of its Interim Condensed (unaudited) Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2023 which are available on SEDAR ( and will also be available shortly on Arrow's website at

Q3 2023 Highlights:

· Recorded $13.9 million of total oil and natural gas revenue, net of royalties, almost double compared to the same period in 2022 (Q3 2022: $7.6 million).

· Net income of $7.1 million and adjusted EBITDA(1) of $9.8 million, more than double compared to 2022 (Q3 2022: $2 million and $4.6 million, respectively).

· Average corporate production up 68% to 2,518 boe/d (Q3 2022: 1,503 boe/d).

· Realized corporate oil operating netbacks(1) of $52.67/bbl. Q3 operating costs were slightly higher than Q2 due to higher start-up costs at the Carrizales Norte discovery.

· Cash position of $12.8 million at the end of Q3 2023.

· Generated positive operating cashflows of $6.5 million (Q3 2022: $5.2 million).

· Successfully drilled the Carrizales Norte-2 (CN-2) and Carrizales Norte-3 (CN-3) wells at the Tapir block, resulting in additional production and reserves additions.

· Significant increase in reserves from the Carrizales Norte discovery (CN), adding more than 3.92 MMbbls of 2P reserves.

(1)Non-IFRS measures - see "Non-IFRS Measures" section

Post Period End Highlights:

· The Rio Cravo Este-6 well (RCE-6) has been drilled and is currently producing from the Carbonera C7 formation.

· The Oso Pardo-3 well (OP-3) has been drilled and is currently undergoing production testing.

· RCE-7 has reached target depth and is currently being tested. Once on production, the drilling rig will move to RCE-8 which is expected to be on production before year end.

· Oso Pardo-4 (OP-4) has been spud and is currently drilling. It is expected to reach target depth this week.

· In October and November 2023, the Company issued 40,338,307 common shares related to the exercise of warrants, raising cash proceeds of $4.5 million. At November 1, the Company held $18.5 million cash as a result of the warrant exercise and operating cash flow. The Company has no further warrants outstanding.

· The Supreme Court of Colombia ruled that royalties are tax deductible. Courts are considering other possible changes to tax regulations which could have positive outcomes for the oil and gas industry.


· Arrow anticipates drilling two additional wells at Rio Cravo Este (RCE) by year-end.

· Arrow plans to drill another development well on the Oso Pardo Block in the Middle Magdalena Basin.

· The preliminary development plan at CN consists of 21 wells, the majority focusing on the Ubaque formation, to fully exploit the thick reservoir. The reservoir pay zone is consistently thick (100 feet) across the fault bounded structure. C7 and Gacheta targeted wells will also be part of the overall development plan at CN.

· In 2024 the Company plans to have a $40 million capital program including 15 wells. The majority of drilling will be focused on the Carrizales Norte discovery and will include three horizontal wells. Low risk step-out and exploration wells are also planned at the Mateguafa Attic and Baquiano prospects. The 2024 capital program will be self-funded by a combination of cash flow from operations and cash reserves.

Marshall Abbott, CEO of Arrow Exploration Corp., commented:

"Arrow continues to grow, recording its strongest quarter to date. The 2023 drilling program, including the CN discovery, added significant production and reserves to the Company and established a new core area. Additional low risk prospects have been identified using our recently acquired 3D seismic data. The Company plans to increase operational tempo in aggressively developing the Carrizale, Ubaque and C7 discoveries while simultaneously drilling low risk exploration wells along proven fault fairways. The Board remains confident in the Arrow team to execute on an aggressive exploitation campaign pursuing our opportunity rich portfolio and getting shareholder value to the next level."

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