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Arrow Exploration Corp ( (TSE:AXL) ) has provided an update.
Arrow Exploration Corp. has brought its Mateguafa HZ12 appraisal well onstream in Colombia’s Tapir Block, adding restricted gross output of about 564 barrels of oil per day and confirming multiple hydrocarbon-bearing intervals in the Carbonera C9 and C7 formations. The well was drilled on time and under budget, contributing to gross corporate production of roughly 5,000 boe/d, while the company maintains a strong balance sheet with US$24.2 million in cash and no debt, despite shutting in its Pepper gas field in Alberta amid weak prices.
The company has also spud the Icaco-1 exploration well from the Icaco pad and is preparing workovers on the Tapir block, aiming to unlock further production upside from recompletions. Management reports constructive discussions on extending the Tapir block contract and sees the continued success at Mateguafa and the Icaco prospect as reinforcing Arrow’s growth trajectory in Colombia’s Llanos Basin, with implications for sustained output growth and potential future development programs.
More about Arrow Exploration Corp
Arrow Exploration Corp. is a publicly traded oil and gas producer focused on underexploited, high-growth assets in Colombia’s Llanos, Middle Magdalena Valley and Putumayo basins. The company operates a predominantly Brent-linked light oil portfolio with high working interests and low royalties, and is listed on London’s AIM market and the TSX Venture Exchange under the ticker AXL.
Find detailed analytics on AXL stock on TipRanks’ Stock Analysis page.