30th May 2023 10:46
Arrow Exploration Corp - Calgary, Canada-based oil and gas company with projects in Colombia and Canada - Revenue in the first quarter rises to USD7.0 million with royalties, more than double USD3.4 million from the previous year. Earnings before interest, tax, depreciation, and amortization rises to USD4.3 million from USD600,000. Corporate production rises 43% to 1,635 barrels oil equivalent per day from 1,144 boepd a year prior. The company declares no dividend in the first quarter, unchanged from the previous year.
Arrow Exploration says that the Carrizales Norte-1 well has been drilled, and its target depth has been reached. The company plans to drill two more development wells at Carrizales Norte by the year-end. Chief Executive Officer Marshall Abbott says: "Arrow has had a strong start to 2023, including the drilling of three RCE wells and the CN-1 well, which is expected to have a significant impact on the company's production and reserves, as well as establishing a new core area."
Current stock price: 24.80 pence, up 1.2%
12-month change: up 48%
By Will Neill, Alliance News reporter
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