Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) CEO Marshall Abbott has called 2022 "a fantastic year all around" for the company, which saw growth in production, revenue and income.
The company's results for the year ended 31 December 2022 (FY 2022) showed it generated US$25mln in total oil and natural gas revenue, net of royalties, compared to US$6.5mln in 2021, with EBITDA of US$12.5mln for the full year and US$4.5mln for the fourth quarter of 2022.
Overall, Arrow has generated record results from operations and an increase in production since its listing on London's AIM in October 2021.
Arrow’s FY 2022 average corporate production increased by 223% to 1,345 barrels of oil equivalent (boe) per day, while its cash position at the end of 2022 was US$13mln.
The company's proven and probable reserves at year-end 2022 increased by 4% to 7.69mln boe, representing a reserve replacement ratio of 164%.
Arrow successfully drilled two wells and completed two workovers at Rio Cravo Este in 2022, which resulted in material production additions. The East Pepper Montney gas well was tied in, adding to Canadian production and displaying the commercial viability of drilling and completing Montney gas wells in the Hinton Area. The company said it achieved all operations safely, with no accidents or environmental incidents.
In the results statement, Abbott commented: "We saw growth in production, revenue, and income, and our balance sheet is in a very healthy position to support the large capital program planned for 2023. Looking ahead, Arrow has multiple near-term catalysts capable of delivering material value."
Arrow has a fully funded 2023 work program of US$32mln, targeting 10 wells, and has already drilled three development wells on the Tapir Block in 2023.
The company plans to spud the first Carrizales Norte well shortly and anticipates drilling two additional wells at Carrizales Norte by year-end. Arrow also plans to drill two development wells at the Oso Pardo Block in the Middle Magdalena Basin.