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Arrow Exploration Corp. Announces First Day of Dealings on AIM and Closing of Previously Announced Financing
Calgary, Alberta--(Newsfile Corp. - October 25, 2021) - Arrow Exploration Corp. (AIM: AXL) (TS...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Exploration Corp. Announces First Day of Dealings on AIM and Closing of Previously Announced FinancingCalgary, Alberta--(Newsfile Corp. - October 25, 2021) - 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 admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange plc (\"Admission\"), in conjunction with a fundraising of approximately £8.8 million (C$15.0 million). Admission will take place, and dealings in its common shares of nil par value (\"Common Shares\") on AIM will commence, at 08:00 a.m. today under the TIDM \"AXL\" and ISIN code CA04274P1053. Company Highlights:Near-term, value transformative drilling and tie-in activityThe drilling of the RCE-2 well planned at the Rio Cravo Este discovery, where the Company has existing light oil production from the RCE-1 well - spudding of the RCE-2 well anticipated within 90 daysSubsequently, the Carrizales Norte-1 well expected to be drilled at the Carrizales Norte prospect, which is on-trend with the Carrizales Field owned by Frontera Energy CorporationProduction from the 3-26 West Pepper natural gas well, located in Alberta, Canada expected to come on-stream by year-end 2021 following near-term tie-inFully funded Recently completed fundraise to raise gross proceeds of £8.8 million (C$15.0 million)Strong balance sheet with cash of £11.2 million (C$19.0 million) immediately following the fundraiseFurther supported by approximately 590 boepd of cash-flow generative production, anticipated to increase to over 3,000 boepd through organic growth activity over the next 18 monthsUnique asset portfolio 50% interest in the Tapir block in the prolific Llanos Basin, with existing light-oil oil production achieving field netbacks of approximately US$44/bbl in September 2021100% interest in Santa Isabel block in the Middle Magdalena Basin, brought back on production by Arrow in June 2021Varying interests in four other onshore blocks held in Colombia100% interest in a liquids-rich natural gas asset in Canada's prolific Montney play fairwayPremier growth jurisdictionStable, fiscally responsible government, supportive of hydrocarbon developmentBrent-linked light oil pricing Excellent fiscal terms w...