24th Aug 2022 10:59
Arrow Exploration Corp - Calgary, Canada-based oil and gas company operating in Colombia - Says net present value before tax, discounted at 10%, in the half-year that ended June 30 is up 164% for 1P oil reserves to USD77.7 million; up 79% for 2P reserves to USD150.4 million; and up 67% to USD223.6 million for 3P reserves.
Arrow says drilling in Rio Cravo in Colombia was successful, resulting in an increase of its 1P oil reserves from 236,000 to 853,000 barrels of oil during the period. Says additional drilling targets have been found due to the drilling programme in the first half of 2022. Arrow says a five-well campaign will start in the fourth quarter this year.
Total 1P reserves rose during the half year to 3.6 million barrels from 3.0 million, while 2P reserves increased to 7.9 million barrels from 7.4 million.
Chief Executive Officer Marshall Abbott says: "Arrow delivered an increase in volumes and values in all reserve categories."
Current stock price: 16.60 pence, down 14%
12-month change: up significantly from 7.38 pence on Oct 25
By Xindi Wei; [email protected]
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