REG - Arrow Exploration - PDMR Exercise of Options

Arrow ExplorationAnnouncement

02/04/2024 07:15

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RNS Number : 8996I  Arrow Exploration Corp.  02 April 2024

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JURISDICTION.

 

Arrow Announces PDMR Exercise of Options

 

CALGARY, April 2, 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL), the
high-growth operator with a portfolio of assets across key Colombian
hydrocarbon basins, announces the exercise of options by two Directors.

 

Arrow announces that the following directors exercised 416,667 options for
common share of no par value ("Common Share").  A summary of the options
exercised is as follows:

               Options Exercised                 Market Price at Exercise

                                  Strike Price
 Ravi Sharma   83,334             CAD 0.26       CAD 0.40
 Grant Carnie  333,333            CAD 0.26       CAD 0.40
 Total         416,667

 

The option exercise was accepted by the Company on March 28, 2024.  The
options, some of which were set to expire immediately, were exercised at this
time as the Company is expected to have 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 the Directors. Mr. Sharma holds 13,370 Common
Shares (representing 0.34 per cent of the issued Common Shares) and Mr. Carnie
does not own any shares of the Company.

 

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                                                         Ravi Sharma
 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
                                                                       Ravi Sharma  CAD 0.26        83,334
 Aggregated information                                       N/A
 Date of the transaction                                      28 March 2024
 Place of the transaction                                     Outside a trading venue

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                         Grant Carnie
 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
                                                                       Grant Carnie  CAD 0.26        333,333
 Aggregated information                                       N/A
 Date of the transaction                                      28 March 2024
 Place of the transaction                                     Outside a trading venue

 

 

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