REG - Arrow Exploration - Blocklisting Application and Change of Auditor

Arrow ExplorationAnnouncement

07/11/2022 07:00

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RNS Number : 4534F  Arrow Exploration Corp.  07 November 2022

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JURISDICTION.

BLOCKLISTING APPLICATION AND CHANGE OF AUDITOR

CALGARY, November 7, 2022 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL)
("Arrow" or the "Company"), the oil and gas exploration and production company
with key interests in basins in Colombia and Canada, announces that an
application has been made to the London Stock Exchange for a block listing of
securities in respect of 40,000,000 Common Shares (the "New Common Shares") to
be admitted to trading on AIM. It is expected that admission will become
effective on or around November 8, 2022.

The New Common Shares will be issued when necessary, in order to satisfy the
issue of shares pursuant to the exercise of warrants issued in the capital
raising in October 2021. When issued, the New Common Shares will be credited
as fully paid and will rank pari passu in all respects with the existing
Common Shares in the capital of the Company ("Common Shares").

Change of Auditor

The Company also announces that it has changed its auditors from Deloitte LLP
("Former Auditor") to Ernst & Young LLP ("Successor Auditor") effective
October 31, 2022.

At the request of the Company, the Former Auditor resigned as the auditor of
the Company effective October 31, 2022 and the Company's board of directors,
on the recommendation of its Audit Committee, appointed the Successor Auditor
as the Company's auditor effective October 31, 2022, until the next annual or
special meeting of the Company's shareholders.

There were no reservations in the Former Auditor's audit reports for any
financial period during which the Former Auditor was the Company's auditor.
There are no "reportable events" (as the term is defined in National
Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102")) between
the Company and the Former Auditor.

In accordance with NI 51-102, the notice of change of auditor, together with
the required letters from the Former Auditor and the Successor Auditor, have
been reviewed by the Company's Audit Committee and filed on SEDAR.

 

For further Information, contact:

 Arrow Exploration
 Marshall Abbott, CEO                                                                   +1 403 651 5995
 Joe McFarlane, CFO                                                                     +1 403 818 1033

 Brookline Public Relations, Inc.

 Shauna MacDonald                                                                       +1 403 538 5645

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

 Gordon Hamilton

 Auctus Advisors (Joint Broker)
 Jonathan Wright (Corporate)                                                            +44 (0)7711 627449

 Rupert Holdsworth Hunt                                                                 +44 (0)7803 752399

 Camarco (Financial PR)
 Georgia Edmonds                                                                        +44 (0)20 3781 8331
 Rebecca Waterworth
 Billy Clegg

 

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".

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.

Reader Advisory

Certain information set forth in this release may contain forward-looking
statements that involve substantial known and unknown risks and uncertainties,
certain of which are beyond the control of the Company. Forward-looking
statements are frequently characterized by words such as "plan", "continue",
"expect", "project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or statements that
certain events or conditions "may" or "will" occur. These statements are only
predictions. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. Forward looking statements include,
but are not limited to: statements regarding the success of the block listing
of the New Ordinary Shares; the effective date of admission of the New
Ordinary Shares; and the issuance of New Ordinary Shares to satisfy the
exercise of warrants. The Company assumes no obligation to update
forward-looking statements, whether as a result of new information, future
events, or otherwise, except as required by applicable law.

The forward-looking information contained in this release is made as of the
date hereof and the Company is not obligated to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise, except as required by applicable securities laws. Because
of the risks, uncertainties and assumptions contained herein, readers should
not place any undue reliance on forward looking information. The foregoing
statements expressly qualify any forward-looking information contained herein.

 

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