Company
CVE:AXL
Arrow Exploration Corp 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.
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Arrow is partnered 50:50 on the Tapir block with PetrolCo and the partners have largely completed the community socialization process and awarded the drill contract to Bogota-based Top Drilling Company
The company highlighted production as of January 21, 2022, net to Arrow of approximately 1,320 boe/d (barrels of oil equivalent per day), benefiting from rising Brent Crude oil prices and strong natural gas prices in Canada
The initial stabilized production rates were 6.2 million standard cubic feet of natural gas, or over 1,030 barrels of oil equivalent per day at 7,214 kilopascal (kPa) tubing pressure, 30,048 kPa casing pressure, and with no water production
"The offering was very well received, and we had participation from institutional and high net worth investors alike," said Max Satel, EVP Corporate Development & Investor Relations at Arrow Exploration
For the period ended September 30, 2021, the Canadian operator reported average production of 575 barrels of oil equivalent per day (boe/d), an increase of 244 boe/d, or 74%, compared to average corporate production of 331 boe/d in the seco
The firm’s core assets, the Tapir Block and the Oso Pardo Field, provide it with low-cost production and contain an extensive inventory of low-risk, high-upside development and exploration opportunities
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Oil is modestly better again this morning after last week’s positive run in which WTI was up $1.48 and Brent rose by 67 cents. The oil market is not seeing any problems right now and is shaking off problems in China and some mixed inventory
Marshall Abbott, CEO of Arrow, said: "We are thrilled to have completed our London dual listing having received such strong support and interest in our story from new and existing shareholders"
"Our offering to London audiences is unique," said chief executive Marshall Abbott
The Colombia-focused oil exploration company said net proceeds of the fundraising will help fund the drilling of two wells at Rio Cravo Este, starting by the end of 2021, and will also be deployed in drilling the Carrizales Norte-1 explorat
The company's average corporate production in the second quarter of 2021 was 331 barrels of oil equivalent per day (boe/d), an increase of 89 barrels per day (bbls/d), or 37%, compared to Q1 2021
A February 2021 independent engineering report estimated an initial production rate of 5.5 million standard cubic feet per day from the well
The company's assets in Columbia provide it with low-cost production and contain an extensive inventory of low-risk, high-upside exploration, appraisal, and development opportunities
The analysts are from Arden Partners and Auctus Advisors, which are both London, UK-based stockbrokers
The company said the dual listing will enhance liquidity for shareholders and give it direct access to London’s capital markets, among the global leaders for capital formation in the oil and gas sector, while broadening its investor base
