REG - Arrow Exploration - Operations Update and PDMR Exercise of Options

Arrow ExplorationAnnouncement

17/01/2024 07:00

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RNS Number : 9160Z  Arrow Exploration Corp.  17 January 2024

 

 

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Arrow Announces operations update and PDMR Exercise of Options

 

CALGARY, January 17, 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL), the
high-growth operator with a portfolio of assets across key Colombian
hydrocarbon basins, is pleased to give an operations update and report the
exercise of options by a Director and PDMR.

 

Carrizales Norte Update

The Petroworks 1,500-horsepower rig has arrived at the Carrizales Norte (CN)
field in the Tapir block and is currently being erected. Arrow expects the
CN-4 well, targeting the Ubaque formation at CN, will spud in the latter half
of January.

CN-4 will be followed by CN-5 which will test the Carrizales Noroeste
prospect. The CN-5 well is expected to spud in February. Following CN-5, the
Petroworks 1,500 horsepower rig will remain at the CN pad and continue
development of the CN field targeting the C7 formation.

Arrow is currently constructing the CN horizontal well pad (B Pad) and expects
construction will be completed in March. Once the pad is complete the Company
plans to bring in a 2,000-horsepower rig to drill the Company's first
horizontal well (CN HZ-1).  On success, Arrow plans to follow the first well
up with additional horizontal wells from the B Pad.

Mateguafa Attic and Baquiano Updates

Work has begun upgrading the Mateguafa pad and construction of the Baquiano
road and pad, both of which are located in the Tapir block.

The plan is for the first Mateguafa Attic well (MA-1) to spud in late Q1 or
early Q2 using an additional 1,500 horsepower rig. The Company expects the
Baquiano prospect to be drilled later in 2024.

Oso Pardo

Oso Pardo-1 (OP-1), on the Santa Isabel Block in the Middle Magdalena Valley
Basin of Colombia, where Arrow has a 100 per cent working interest, is back on
production after the pump was changed in late December.  The Oso Pardo-3
(OP-3) and Oso Pardo-4 (OP-4) development wells were both drilled successfully
targeting the Umir formation. The completion of these wells is pending well
stimulation operations, to mitigate typical skin damage, which the Company
plans to complete in Q1.

 

Options Exercised

Arrow announces that a Director exercised 2,277,721 options for common share
of no par value ("Common Share").  A summary of the options exercised is as
follows (all figures converted to pounds sterling):

 

                  Options Exercised                 Market Price at Exercise

                                     Strike Price
 Marshall Abbott  800,000            GBP 0.03       GBP 0.19
 Marshall Abbott  816,666            GBP 0.08       GBP 0.19
 Marshall Abbott  133,333            GBP 0.16       GBP 0.19
 Marshall Abbott  527,222            GBP 0.16       GBP 0.19
 Total            2,277,721

 

The option exercise was accepted by the Company on January 15, 2024.  The
options, some which were set to expire immediately, were exercised at this
time as the Company is expected to be continually operationally active over
the next six months with limited periods in which Directors would be able to
exercise options. The options have been exercised on a "cashless" basis. Under
the terms of the Company's share option plan approved at the Company's AGM on
20 September 2023, this 'cashless' method results in the Company paying the
option holder the value of the option (market price less strike price) from
cash reserves. Accordingly, no new shares were issued for the option exercise.

Following the exercise of the options referred to above, there has been no
change in the shareholding of PDMR's and Directors. Mr. Abbott holds 5,369,702
Common Shares (representing 2.29 per cent of the issued Common Shares).

 

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

 James Asensio

 George Grainger

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

 Camarco (Financial PR)
 Andrew Turner                                                                          +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 COVID-19, 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.

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                         Marshall Abbott
 Reason for the notification
 Position/status                                              Director
 Initial notification /Amendment                              Initial notification
 Details of the issuer, emission allowance market participant, auction
 platform, auctioneer

 or auction monitor
 Name                                                         Arrow Exploration Corp.
 LEI                                                          9845000FDF0856QD9031
 Details of the transaction(s): section to be repeated for (i) each type of
 instrument;

 (ii) each type of transaction; (iii) each date; and (iv) each place where
 transactions have been conducted
 Description of the financial instrument, type of instrument  Common Shares of nil par value

 Identification code

                                                              ISIN: CA04274P1053

 Nature of the transaction                                    Cashless exercise of options
 Price(s) and volume(s)                                                Exercise
                                                                       Name             Exercise price  Options
                                                                       Marshall Abbott  GBP 0.03        800,000
                                                                       Marshall Abbott  GBP 0.08        816,666
                                                                       Marshall Abbott  GBP 0.16        133,333
                                                                       Marshall Abbott  GBP 0.16        527,222
 Aggregated information                                       N/A
 Date of the transaction                                      15 January 2024
 Place of the transaction                                     Outside a trading venue

 

 

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