(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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