Significant growth across key metrics including 65% increase in total revenue, increase in production of 63% and healthy cash position
Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has announced the filing of its Annual Audited Financial Statements and Management's Discussion and Analysis ('MD&A') for the quarter and year ended December 31, 2024 and the filing of its 2024 year-end reserves report.
Full Year 2024 Highlights:
- Significant 65% growth in total oil and gas revenue to $73.7 million, net of royalties (FY 2023: $44.7 million).
- Net income of $13.2 million inclusive of an impairment reversal of $0.7 million (FY: 2023: net loss of $1.1 million).
- Adjusted EBITDA of $48 million, which is 78% greater than last year (FY 2023: $27.1 million), with Q4 2024 EBITDA of $13.3 million compared to $7.1 million in Q4 2023.
- Cash position of $18 million at the end of 2024.
- Annual average corporate production up 63% to 3,542 boe/d (FY 2023: 2,167 boe/d) with Q4 2024 average corporate production more than doubling to 4,738 boe/d compared with Q4 2023 2,335 boe/d.
- Funds flow from operations of $35.6 million (FY 2023: $19.9 million) with Q4 2024 funds flow from operations of $12.5 million (FY 2023: $3.8 million).
- Increase in Proved Developed Producing reserves at year-end 2024 of 92% to 2.4 MMboe.
- Successfully drilled seven horizontal wells and five vertical wells at Carrizales Norte (CN), which added significant production to the Company.
- Drilled a successful exploratory well on the Alberta Llanos (AB Llanos) field in the Tapir block.
- All operations delivered safely, with no accidents or environmental incidents.
Post Period End Highlights:
- So far in 2025, the Company has drilled three development wells on the CN field and two additional wells in the AB Llanos field in the Tapir Block, The AB-2 well is being recompleted as a water disposal well, the other new drills are all currently producing at restricted rates. Ramping production up slowly prevents early water breakthrough in each well.
- Currently mobilizing the drilling rig to the Alberta Llanos (AB) pad to start drilling horizontal development wells. A second rig will be mobilized shortly to begin development drilling at the Rio Cravo Este (RCE) pad.
- Completed seismic data acquisition of 90 km2 in the south east section of the Tapir block. Seismic is currently being processed and will later be analysed.
Outlook
- Arrow has a fully funded 2025 work program totaling $51 million targeting up to 23 wells mainly in the Tapir block.
- The work program includes the Company's first horizontal wells in Alberta Llanos and recently identified prospects in Mateguafa Attic.
Marshall Abbott, CEO of Arrow Exploration Corp., commented:
'2024 was the best year for the Company so far on all fronts. We saw substantial growth in production, revenue and EBITDA and our healthy balance sheet supports the aggressive capital program planned for 2025. Our strategy remains to maintain a disciplined approach to capital allocation which allows Arrow to grow production while maintaining positive cash flow and a growing cash position, which today's results show clear success in doing. With a significant portfolio of reserves at year end, Arrow is confident in being able to replicate its strategy and continue to grow its production and cash flow.
So far in 2025, Arrow has completed drilling of AB Llanos 2 and 3, and horizontal wells CN HZ 9, CN HZ 10 and a directional well CN 11. Arrow is now moving the drilling rig to the AB Llanos pad where two horizontal wells are expected to be drilled in Q2 2025. Arrow then plans to add an additional rig to drill at wells at the RCE pad and additional development wells in CN. Additional operational updates will be forthcoming.
The Arrow team continues to strive towards growth, operational excellence and increasing shareholder value.'
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Source: Arrow Energy
