Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that its successful horizontal well drilling in Colombia has unlocked a major increase in reserves.
The annual reserves assessment for 2024, conducted by Boury Global Energy Consultant (BouryGEC), highlights a 92% increase in Proved Developed Producing (PDP) reserves to 2.38 million barrels of oil equivalent (boe) - PDP reserves were valued at $71.3 million.
Proved plus Probable (2P) reserves rose 15% to 13.62 million boe, valued at $284.9 million.
Meanwhile, 1P was up 10% to 5.8 million boe, $114.57 million boe, and 3P was up 25% to 22.28 million boe, to $524.1 million boe.
Chief executive Marshall Abbott said the upgrade reinforces the significant value of the company’s Colombian and Canadian assets.
"Our exciting growth story continues and we are pleased to be able to report further material reserves increases from our extensive acreage in Colombia,” Abbott said in a note.
“Arrow delivered significant increases in volumes of 1P, 2P and 3P reserves in 2024, due to the Alberta Llanos Carbonera, Guadalupe and Ubaque discoveries and successfully drilling horizontal wells at Carizales Norte.”
He added: "Arrow's prospect inventory is multifaceted and demonstrates the hydrocarbon density of the Tapir block in the fertile Llanos Basin.
“Over the rest of 2025, we look forward to a successful drilling campaign on a fully funded $50 million capital budget that is balanced between development and low-risk exploratory wells.”