30th Mar 2022 14:31
Arrow Exploration Corp - Calgary, Canada-based oil and gas company - Proved reserves at the end of 2021 increase 4.1% to 3.0 million barrels of oil equivalent, driven mainly by an uplift at Santa Isabel in Colombia.
Proved and probable reserves rise 5.5% to 7.4 million barrels, and proved, probable and possible reserves increase 10% to 11.5 million barrels, leading to net present value at 10% discount rate being USD134.0 million.
"Arrow delivered an increase in volumes and values across 1P, 2P and 3P reserves in 2021. We are pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of our Colombian and Canadian assets," says Chief Executive Officer Marshall Abbott.
Current stock price: 13.45 pence
12-month change: up 82% since Oct 25
By Dayo Laniyan; [email protected]
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