Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) chief executive Marshall Abbott described 2023 as “a great year on all fronts”, as the company released its full-year financial results statement.
“We saw substantial growth in production, revenue and EBITDA and our healthy balance sheet supports the aggressive capital program planned for 2024,” the Arrow boss said.
Arrow reported a 79% rise in revenue thanks to its successful roll-out of wells, up to a total of $44.7 million net of royalties, up from $25 million in the prior year. Production volumes were up some 61% in 2023, it highlighted.
Marshall Abbott, meanwhile, pointed to the continuing growth this year, noting that in 2024 to date Arrow has completed the drilling the drilling of multiple wells - CN-4 through CN-8 - and all those wells are now in production.
He highlighted, specifically, the findings of the CN-8 well which is described as a ‘long reach well’.
“The well was successful in an area that before was not considered prospective and supports the stratigraphic play thesis as well as additional reserves additions,” Abbott explained.
A new update to the company’s reserves estimates is now being considered, based on the discoveries in the CN-5 and CN-8 wells.
In the field, meanwhile, Arrow is preparing for fresh drilling.
At the Carrizales Norte B (CNB) well pad location, the company will, in May, spud the project’s first horizontal well, with the well potentially coming online for production in June.
Up to three or four additional horizontal wells are planned for the CNB pad, plus one water disposal well.
“Arrow expects the first horizontal well at Carrizales Norte to have a significant impact on the company's production and the Baquiano exploration well to have further significant impact on both the company's production and reserves.
“The Arrow team continues to strive towards operational excellence and increasing shareholder value."
Drilling at the Baquiano pad is expected to follow the CNB wells.
There, the company plans to drill an exploration well, and potentially two follow-up wells.