Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has announced the filing of its Interim Condensed Consolidated Financial Statements and Management’s Discussion and Analysis ('MD&A') for the quarter ended March 31, 2023 which are available on SEDAR (www.sedar.com) and will also shortly be available on Arrow's website at www.arrowexploration.ca.
Q1 2023 Highlights:
- Recorded $6.9 million of total oil and natural gas revenue, net of royalties, more than double compared to 2022 (Q1 2022: $3.4 million).
- Adjusted EBITDA of $4.3 million, more than seven times compared to 2022 (Q1 2022: $0.6 million).
- Average corporate production up 43% to 1,635 boe/d (Q1 2022: 1,144 boe/d).
- Realized corporate oil operating netbacks of $58.31/bbl due to increased production allowing operating cost to be spread over more barrels.
- Cash position of $12.3 million at the end of Q1 2023.
- Generated positive operating cashflows of $2.4 million (Q1 2022: negative $0.1 million).
- Drilled three successful wells at Rio Cravo Este (RCE) resulting in material production additions.
Post Period End Highlights:
- The Carrizales Norte-1 (CN-1) well has been drilled and reached its target depth, and is currently under production testing.
Outlook
- Arrow anticipates two additional wells to be drilled at Carrizales Norte by year-end.
- Arrow anticipates two additional wells at RCE by year-end to target the Gacheta formation which was successfully tested at commercial rates in RCE-2.
- Arrow plans to drill two development wells at the Oso Pardo Block in the Middle Magdalena Basin.
Marshall Abbott, CEO of Arrow Exploration Corp., commented:
'Arrow has had a strong start to 2023, including the drilling of three RCE wells and the CN-1 well, which is expected to have a significant impact on the Company’s production and reserves, as well as establishing a new core area. The 3D seismic West Tapir project has completed shooting, is currently being processed and is expected to further evaluate the 2D recognized fault prospects. The Arrow Team continues to strive towards excellence and increasing shareholder value.'
Source: Arrow Energy
