Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) CEO Marshall Abbott discusses the company's strong position for 2024 in an interview with Proactive's Stephen Gunnion.
With a $45 million capital expenditure budget, self-funded by cash and cash flow, Arrow plans to drill 15 wells, focusing on infill and development.
The company's production run rate exceeded 3,200 barrels of oil equivalent in 2023. With a potential 40 million barrels in place and a doubled reserve value, Arrow aims to double production in 2024. The focus is on the Tapir block and Carrizales Norte (CN) field development. Three horizontal wells and seven vertical wells at CN aim to ramp up production capability, whilst additional ‘low risk’ exploration wells are also planned.
At the Oso Pardo field, the company is planning to conduct reservoir stimulations of the Oso Pardo-3 and Oso Pardo-4 wells – which during testing were deemed to have reservoir damage (due to high mud weight used in drilling). This work is slated to take place in the first quarter prior to those wells coming online for production.