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Arrow Announces 2023 Audited Year End and Q4 2023 Results, Filing of Audited Financial Statements, MD&A and Reserves Report
Significant growth across key metrics including 79% increase in total revenue, increase in produc...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces 2023 Audited Year End and Q4 2023 Results, Filing of Audited Financial Statements, MD&A and Reserves ReportSignificant growth across key metrics including 79% increase in total revenue, increase in production of 61% and healthy cash positionCalgary, Alberta--(Newsfile Corp. - April 29, 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, announces the filing of its Annual Audited Financial Statements and Management's Discussion and Analysis (\"MD&A\") for the quarter and year ended December 31, 2023 and the filing of its 2023 year-end reserves report, which are available on SEDAR (www.sedar.com) and will also shortly be available on Arrow's website at www.arrowexploration.ca. Full Year 2023 Highlights:Significant 79% growth in total oil and gas revenue to $44.7 million, net of royalties (FY 2022: $25.0 million).Net loss of $1.1 million inclusive of an impairment loss of $11.8 million (FY: 2022: net income of $0.3 million)Adjusted EBITDA more than doubled to $27 million (FY 2022: $12.5 million), with Q4 2023 EBITDA of $7.1 million compared to $4.5 million in Q4 2022.Cash position of $12 million at the end of 2023.Annual average corporate production up 61% to 2,167 boe/d (FY 2022: 1,345 boe/d) with Q4 2023 average corporate production of 2,335 boe/d compared to Q4 2022 1,736 boe/d.Realized corporate operating netbacks of $45.17/boe, and $40.49/boe in Q4 2023, due to increased production and better prices of crude oil. Funds flow from operations of $19.9 million (FY 2022: $9.5 million) with Q4 2023 funds flow from operations of $3.8 million (FY 2022: $2.0 million)Proved and probable reserves at year-end 2023 increased 54% to 11.8 MMboe; representing a reserve replacement ratio of 621%.Successfully drilled an exploration well at Carrizales Norte (CN), which added significant reserves to the Company, followed by drilling of two more CN wellsDrilled six Rio Cravo Este (RCE) wells resulting in material production and reserves increases. Successfully completed two workovers in the RCE-1 and RCS-1 wells at Rio Cravo. Drilled two Oso Pardo (OP) wells in the Santa Isabel block, resulting in additional production.All operations delivered safely, with no accidents or environmental incidents.Post Pe...