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Arrow Announces Maiden Carrizales Norte Reserves Corporate Economic 1P, 2P and 3P Reserves Doubled
Carrizales Norte Before Tax NPV-10 2P Reserves Calgary, Alberta--(Newsfile Corp. - September 11,...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces Maiden Carrizales Norte Reserves Corporate Economic 1P, 2P and 3P Reserves DoubledCarrizales Norte Before Tax NPV-10 2P ReservesCalgary, Alberta--(Newsfile Corp. - September 11, 2023) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to announce the results of its maiden Carrizales Norte (\"CN\") reserves evaluation by Boury Global Energy Consultants Ltd. (\"BouryGEC\") as at August 31, 2023. All reserves volume figures stated below are solely at the discovery on the CN field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50% beneficial interest. The Company's other assets in the Tapir Block, Rio Cravo Este (RCE) and its other license interests, Columbia and Canada, have not formed part of this evaluation. All reserves volume figures stated below are on a Working Interest Gross Reserve basis. Currency amounts are in United States dollars, unless otherwise indicated. Highlights- CN Proved (\"1P\") reserves: 1.82 million barrels of oil (\"MMbbls\"), Net present value before tax, discounted at 10% (\"NPV-10\") is $71.2 million for 1P reserves.- CN Proved plus Probable (\"2P\") reserves: 3.92 MMbbls, NPV-10 is $143.5 million for 2P reserves.- CN Proved plus Probable plus Possible (\"3P\") reserves: 6.62 MMbbls, NPV-10 is $244.1 million for 3P reserves.- Before tax NPV-10 per share of US$0.14/share, US$0.39/share, and US$0.63/share for 1P, 2P, and 3P reserves categories, respectively;- BouryGEC post-tax NPVs impacted by changes in Colombian tax regime in the year and exclude the effect of corporate tax shelters (further detail below).CEO CommentaryMarshall Abbott, CEO of Arrow, commented: \"The Carrizales Norte field is a material discovery for Arrow as the reserves report confirms. The Carrizales Norte reserves have doubled the 1P, 2P and 3P total reserves and value of Arrow. We are pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of our Carrizales Norte asset at Tapir.\" \"The 3D program on the west of the Tapir block completed this year has also helped further develop prospects that we feel could show results similar to the Carrizales Norte and Rio Cravo Este fields. The Company plans to explore these prospects in the coming months and ye...