4th Jan 2024 18:21
Arrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Approves 2024 work programme, which includes 15 wells and a USD45 million net capital budget. States the entire capex budget will be financed by current cash reserves and operating cash flow. Says the 2024 budget focuses on the Tapir block and the development of the Carrizales Norte field. Expects to employ two rigs for the entire year on the Tapir block with a third rig being utilized as required. Plans to drill three horizontal wells at CN as well as focusing on low-risk exploration, with wells spread across the Mateguafa prospect. Believes each prospect has potential, on its own, to add materially to production, reserves and cash flow. Expects production from Oso Pardo 1 to resume in early 2024. Marshall Abbott, chief executive comments: "Arrow's fully funded, low risk drilling program for 2024 continues to build momentum across our extensive portfolio. Arrow is poised to achieve significantly higher production and commensurate cash flow through the 2024 calendar year."
Current stock price: 17.75 pence, down 1.4% in London on Thursday
12-month change: unchanged
By Jeremy Cutler, Alliance News reporter
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