4th Sep 2026 12:03
(Alliance News) - Arrow Exploration Corp on Friday reported record production of more than 6,000 barrels of oil equivalent per day and said it believes production can continue to grow from its prospect-rich inventory.
The Calgary, Canada-based oil and gas company said current total corporate production had surpassed 6,000 boe/d, including production from the recently acquired Thorsby field in Alberta.
Arrow said the record production rate reflected recent drilling successes, workovers and the Thorsby acquisition.
On September 1, Arrow estimated its cash balance at USD21.8 million, following a USD8.9 million payment for the Thorsby acquisition.
In August, Arrow announced the acquisition of the producing Thorsby property in Alberta for CAD12.2 million, or about USD8.9 million.
Arrow also provided an update on the Icaco-6 well at the Icaco field on the Tapir block in Colombia, where it holds a 50% beneficial interest.
The well was spudded on August 19 and reached total depth on August 24. It encountered a fault and experienced lost circulation and associated drilling mud losses before reaching the target depth.
Arrow said it decided to case the well early and complete it as a water disposal well. The additional water disposal capacity is expected to reduce operating costs and improve production efficiency at Icaco.
Log analysis showed 6.5 feet of measured-depth net pay in the Carbonera C7 formation and 5 feet in the Guadalupe formation. The well was terminated before reaching the Gacheta and Ubaque formations.
The Icaco-7 well was spudded on September 1 and will be drilled vertically with targets in the C7, Gacheta and Ubaque formations.
Chief Executive Marshall Abbott said: "Arrow is building another five cellars on the Icaco pad, bringing the total number to fifteen, to continue drilling C7, Gacheta and Ubaque wells."
Shares in Arrow were down 2.5% to 29.25 pence per share on Friday afternoon in London.
By Niall Holden, Alliance News reporter
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