Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that a new maiden reserves report has confirmed the Carrizales Norte project as “a material discovery” for the company.
The field in Colombia was estimated to host just under 4 million barrels of proved plus probable (2P) oil reserves, for a net present value of $143.5 million, while the 3P (to also include possible reserves) increases the tally to 6.62 million barrels.
"The Carrizales Norte field is a material discovery for Arrow as the reserves report confirms,” chief executive Marshall Abbott said in a statement.
“The Carrizales Norte reserves have doubled the 1P, 2P and 3P total reserves and value of Arrow.
“We are pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of our Carrizales Norte asset at Tapir."
Abbott added: "The 3D program on the west of the Tapir block completed this year has also helped further develop prospects that we feel could show results similar to the Carrizales Norte and Rio Cravo Este fields.
“The company plans to explore these prospects in the coming months and years."