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Arrow Announces Q2 2023 Interim Results
Calgary, Alberta--(Newsfile Corp. - August 28, 2023) - Arrow Exploration Corp. (AIM: AXL) (TSXV: ...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces Q2 2023 Interim ResultsCalgary, Alberta--(Newsfile Corp. - August 28, 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, announces the filing of its Interim Condensed (unaudited) Consolidated Financial Statements and Management's Discussion and Analysis (\"MD&A\") for the three and six months ended June 30, 2023 which are available on SEDAR (www.sedar.com) and will also be available shortly on Arrow's website at www.arrowexploration.ca. Q2 2023 Highlights:Recorded $10.3 million of total oil and natural gas revenue, net of royalties, more than double compared to the same period in 2022 (Q2 2022: $5 million).Adjusted EBITDA of $5.8 million, more than double compared to 2022 (Q2 2022: $2.8 million).Average corporate production up 120% to 2,169 boe/d (Q2 2022: 980 boe/d).Realized corporate oil operating netbacks of $44.21/bbl due to increased production allowing operating cost to be spread over more barrels. Cash position of $10.8 million at the end of Q2 2023.Generated positive operating cashflows of $4.9 million (Q2 2022: negative $0.1 million). Successfully drilled the Carrizales Norte-1 (CN-1) exploratory well at the Tapir block resulting in material production and reserves additions. Post Period End Highlights:The Carrizales Norte-2 (CN-2) well has been successfully drilled encountering multiple hydrocarbon-bearing intervals and is currently on production. The Ubaque zone in CN-2 has produced at initial rates exceeding 600 BOPD (net) at low water cuts. Reservoir stewardship is in execution in voluntarily reducing high initial rates with the well currently producing at a managed rate of 500 BOPD net. Forecasted rates were 320 BOPD (net) per Ubaque well which is well below flow capability.The Carrizales Norte-3 (CN-3) well has been drilled and is currently undergoing production testing in the Upper Ubaque. Stabilized flow rates are expected to be reported in first week of September. Outlook: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. Gacheta targeted wells will also be part of the overall deve...