Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) today reported results for its third quarter, described by chief executive Marshall Abbott as the firm’s "best on record".
Revenue was up 53% to $21.3 million as production grew 64% thanks to new wells coming online.
Year-over-year comparatives reflect these successes, despite oil and gas prices being a bit softer than last year.
Earnings (adjusted EBITDA) rose 62% from last year at $15.96 million.
Horizontal drilling in the Carrizales Norte (CN) field is at the heart of the strong performance with recent wells exceeding expectations and the active drill campaign continuing with a pipeline of 23 further wells in the coming months.
"The third quarter of 2024 was the best quarter on record for Arrow,” Abbott said in the statement.
“The highly successful horizontal well program at Carrizales Norte is ongoing with the completion of HZ-7. This program has also demonstrated that the Carrizales Norte reservoir extends further than originally thought and the plan is to exploit the reservoir extension with additional horizontal wells.”
Abbott added: “Arrow is looking forward to 2025 with an approved budget that will see up to 23 wells drilled on the Tapir block.
“The 2025 budget will be focused on production growth in development areas and low risk exploration.
“Arrow plans to test the Mateguafa Oeste and Capullo prospects and to develop further the Carrizales Norte and Rio Cravo Este areas using both vertical and horizontal technology."
For the rest of this year, meanwhile, Arrow noted that the focus will be on the low-risk exploration well at the Alberta Llanos prospect.
It is seen as a potential continuation of the Carrizales and Carrizales Norte fields.
An exploration well result is anticipated before the end of 2024.