AXL - Arrow Exploration shares record-breaking quarter and new oil discovery in Colombia
(NewsDirect)
Arrow Exploration CEO Marshall Abbottjoins Natalie Stoberman from the Proactive studios to share thecompany's 1Q financial highlights along with the latest discoveryat its Carrizales Norte-1 well (CN-1), an exploration well on theTapir block in the Llanos basin of Colombia.
Abbott says the company has recorded $6.9million of total oil and natural gas revenue which has more thandoubled earnings from 1Q 2022. Abbott also says the company has addedto its record quarter with adjusted EBITDA of $4.3 million, more thanseven times compared to 2022.
In addition, Arrow Explorationhas also revealed a significant new drill discovery at its CarrizalesNorte project in Colombia. Abbott says the well was drilled to a totalmeasured depth of 9,190 feet and encountered 148 feet of cumulativenet oil pay. He says the discovery has led to six separate pay zones,including a thick pay zone that produced over 1000 barrels a day. Thisdiscovery adds substantially to the company's reserve base and isexpected to have a significant impact on its future production.
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