REG - Arrow Exploration - AB-1 Exploration Well Update

Arrow ExplorationAnnouncement

17/12/2024 07:00

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RNS Number : 3070Q  Arrow Exploration Corp.  17 December 2024

 

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JURISDICTION.

 

 

ARROW ANNOUNCES reaching Target depth for the Alberta llanos-1 exploration
Well

 

CALGARY, December 17, 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL)
("Arrow" or the "Company") the high-growth operator with a portfolio of assets
across key Colombian hydrocarbon basins, announces that it has reached target
depth on the Alberta Llanos-1 ("AB-1") well on the Tapir Block in the Llanos
Basin of Colombia using the contracted Petroworks rig.

AB-1 Well

The AB-1 exploration well was successfully spud on November 30th, 2024 and
reached target depth on December 13, 2024. The well targeted a large,
three-way fault-bounded structure with multiple high-quality reservoir
objectives. The well was drilled to a measured depth of 9,960 feet (8,846 feet
True Vertical Depth).

According to initial log interpretation, the well encountered four main
hydrocarbon bearing reservoirs with a total true vertical depth value of 121
feet, including the C7, Gacheta, Guadalupe, and Ubaque, and intends to start
production testing shortly.

 

Marshall Abbott, CEO of Arrow commented,

"We're extremely pleased with the log results on the exploration well at the
Alberta Llanos prospect on the Tapir Block."

 

"The success of this well could result in additional production, additional
reserves and a new core area for Arrow with additional follow up development
wells."

 

"At this time, the Ubaque and Guadalupe reservoirs indicate significant
potential for horizontal well exploitation.  The next steps are to put the
well on production.  Once AB-1 is on production, the rig will immediately
move to drill AB-2 to further evaluate this discovery."

 

"We look forward to updating stakeholders with the near-term completion news
at AB-1 and further updates as we continue our extensive work program in
Colombia."

 

 

 

 

 

For further Information, contact:
 Arrow Exploration
 Marshall Abbott, CEO                                                +1 403 651 5995
 Joe McFarlane, CFO                                                  +1 403 818 1033

 Canaccord Genuity (Nominated Advisor and Joint Broker)
 Henry Fitzgerald-O'Connor                                           +44 (0)20 7523 8000

 James Asensio

 George Grainger

 Auctus Advisors (Joint Broker)
 Jonathan Wright                                                     +44 (0)7711 627449
 Rupert Holdsworth Hunt

 Camarco (Financial PR)
 Owen Roberts                                                        +44 (0)20 3781 8331
 Rebecca Waterworth

 

 

About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned
subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio
of premier Colombian oil assets that are underexploited, under-explored and
offer high potential growth. The Company's business plan is to expand oil
production from some of Colombia's most active basins, including the Llanos,
Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is
predominantly operated with high working interests, and the Brent-linked light
oil pricing exposure combines with low royalties to yield attractive potential
operating margins. Arrow's 50% interest in the Tapir Block is contingent on
the assignment by Ecopetrol SA of such interest to Arrow. Arrow's seasoned
team is led by a hands-on executive team supported by an experienced board.
Arrow is listed on the AIM market of the London Stock Exchange and on TSX
Venture Exchange under the symbol "AXL".

Forward-looking Statements

This news release contains certain statements or disclosures relating to Arrow
that are based on the expectations of its management as well as assumptions
made by and information currently available to Arrow which may constitute
forward-looking statements or information ("forward-looking statements") under
applicable securities laws. All such statements and disclosures, other than
those of historical fact, which address activities, events, outcomes, results
or developments that Arrow anticipates or expects may, could or will occur in
the future (in whole or in part) should be considered forward-looking
statements. In some cases, forward-looking statements can be identified by the
use of the words "continue", "expect", "opportunity", "plan", "potential" and
"will" and similar expressions. The forward-looking statements contained in
this news release reflect several material factors and expectations and
assumptions of Arrow, including without limitation, Arrow's evaluation of the
impacts of global pandemics, the potential of Arrow's Colombian and/or
Canadian assets (or any of them individually), the prices of oil and/or
natural gas, and Arrow's business plan to expand oil and gas production and
achieve attractive potential operating margins. Arrow believes the
expectations and assumptions reflected in the forward-looking statements are
reasonable at this time, but no assurance can be given that these factors,
expectations, and assumptions will prove to be correct.

The forward-looking statements included in this news release are not
guarantees of future performance and should not be unduly relied upon. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. The forward-looking
statements contained in this news release are made as of the date hereof and
the Company undertakes no obligations to update publicly or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").

 

Qualified Person's Statement

The technical information contained in this announcement has been reviewed and
approved by Grant Carnie, senior non-executive director of Arrow Exploration
Corp. Mr. Carnie was previously a member of the Canadian Society of Petroleum
Geologists, holds a B.Sc. in Geology from the University of Alberta and has
over 35 years' experience in the oil and gas industry.

 

 

 

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