AXL - Arrow Exploration announces record numbers as company unveils 3Q results
(NewsDirect)
Arrow Exploration CEO Marshall Abbottjoined Steve Darling from Proactive to announce the interim resultsfor the company's third quarter and first nine months of 2023.
The company reported total oil andnatural gas revenue, net of royalties, of $13.9 million, nearly doublecompared to the same period in 2022. Net income was $7.1 million, andadjusted EBITDA reached $9.8 million, both more than double comparedto 2022. The company maintains a strong cash position with $12.8million at the end of Q3 2023.
Abbott shared with Proactive the company's successfuldrilling activities, including the Carrizales Norte-2 (CN-2) andCarrizales Norte-3 (CN-3) wells at the Tapir block, resulting inadditional production and reserve additions.
The company has significantly increasedits reserves from the Carrizales Norte discovery, adding more than3.92 million barrels of 2P reserves.
Looking ahead, Abbott mentioned plans to drill two additionalwells at Rio Cravo Este (RCE) by year-end and another development wellon the Oso Pardo Block in the Middle Magdalena Basin.
In 2024, Arrow Exploration plans toexecute a $40 million capital program, which includes drilling 15wells. The focus will be on the Carrizales Norte discovery, with threehorizontal wells planned. Additionally, low-risk step-out andexploration wells are scheduled at the Mateguafa Attic and Baquianoprospects.
Contact Details
ProactiveCanada
+1 604-688-8158
na-editorial@proactiveinvestors.com
Copyright (c) 2023 TheNewswire - All rights reserved.