REG - Arrow Exploration - Appointment of Nomad and Joint Broker

Arrow ExplorationAnnouncement

28/04/2022 07:15

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RNS Number : 5985J  Arrow Exploration Corp.  28 April 2022

28 April 2022

 

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Arrow Exploration Corp.

("Arrow" or the "Company")

 

appointment of nomad and joint broker

Arrow Exploration Corp. (AIM: AXL; TSXV: AXL), the high-growth operator with a
portfolio of assets across key Colombian hydrocarbon basins, is pleased to
announce that it has appointed Canaccord Genuity Limited ("Canaccord Genuity")
as its new Nominated Adviser and Joint Broker with immediate effect.

Further to the announcements by Arden Partners Plc on 11 and 14 April 2022
regarding the loss of its nominated adviser status upon the completion of its
recommended takeover, the Company has appointed Canaccord Genuity as its
nominated adviser. Given the timing of the completion of the recommended
takeover of Arden Partners Plc, the London Stock Exchange has agreed that
subject to initial due diligence being undertaken, Canaccord Genuity has
until 5pm on 27 July 2022 to complete its full due diligence.

There can be no guarantee on the outcome of the full due diligence and its
impact on Canaccord Genuity's  decision to continue to act as nominated
adviser. Accordingly, in such circumstances there is a risk that if the
Canaccord Genuity does not continue to act as nominated adviser following
completion of its full due diligence and the Company has not found an
alternative nominated adviser, the Company's AIM securities may be suspended
pursuant to AIM Rule 1. If within one month of that suspension, the Company
has failed to appoint a replacement nominated adviser, the admission of its
AIM securities will be cancelled.

Notwithstanding the extension of time provided in respect of completing full
due diligence obligations at engagement, Canaccord Genuity will continue to be
subject to all the ongoing nominated adviser responsibilities under the AIM
Rules for Nominated Advisers.

 

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 under-exploited, 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".

 

For further Information, contact:

 Arrow Exploration
 Marshall Abbott, CEO                                                                   +1 403 651 5995

 Brookline Public Relations, Inc.                                                       +1 403 538 5645

 Shauna MacDonald

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

 James Asensio

 Gordon Hamilton

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

 Camarco (Financial PR)
 James Crothers                                                                         +44 (0)20 3781 8331
 Rebecca Waterworth
 Billy Clegg

 

 

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