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Highlights:
- Delivered a record quarter with substantial growth in production and revenue.
- Successfully drilled multiple high-impact wells in the Carrizales Norte field.
- Achieved significant milestone with net corporate production at 5,500 boe/d.
Arrow Exploration Corp (TSX-V:AXL, LSE:AXL, OTC:CSTPF) has demonstrated its capability to capitalize on opportunities in Colombia's resource-rich regions by achieving its strongest quarter to date. The company's recent performance underscores its strategic focus on scaling production, efficient operations, and unlocking asset potential in key oil fields.
Production and Revenue Growth
During the third quarter ending September 30, 2024, Arrow reported a 64% surge in production, reaching 4,124 barrels of oil equivalent per day (boe/d). This robust increase drove a 53% rise in oil and natural gas revenue, which totaled $21.3 million for the period. The financial results reflect the company’s ability to enhance operational efficiency and capitalize on favorable market conditions, achieving net income of $6.7 million and adjusted EBITDA of $15.9 million—a 62% year-on-year improvement.
Operational Highlights in Carrizales Norte Field
A key focus for Arrow this quarter was its drilling operations in the Carrizales Norte field, a core asset in its Colombian portfolio. Three horizontal development wells were successfully drilled during the period, with three additional wells completed shortly thereafter. One standout achievement was the CNB HZ-7 well, which reported an initial production rate of 800 barrels of oil per day (gross). Current gross production from Carrizales Norte stands at approximately 700 barrels per day with a water cut of 65%, underscoring the field’s expanding output.
Strategic Expansion and Operational Milestones
Arrow’s cumulative efforts have led to a notable milestone, with net corporate production reaching approximately 5,500 boe/d. The company’s focus on enhancing production while maintaining disciplined cost management has resulted in operating cash flows more than doubling over the first nine months of 2024. These achievements position Arrow to continue leveraging its Colombian assets for future growth.
As Arrow Exploration continues to focus on operational excellence and strategic development in Colombia, its performance signals a strong trajectory in scaling production and delivering value from its core assets.
