Arrow Exploration Corp (TSE:AXL) has released an update.
Arrow Exploration Corp., a growing operator in Colombian hydrocarbon basins, reported a 79% surge in total revenue to $44.7 million for the year ended December 31, 2023. Despite a net loss of $1.1 million, the company achieved a significant 61% increase in production and doubled its adjusted EBITDA to $27 million. With a strong cash position of $12 million, Arrow is well-positioned to pursue its aggressive 2024 capital program, targeting up to 16 wells mainly in the Tapir block.
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