TIDMAXL
RNS Number : 9160Z
Arrow Exploration Corp.
17 January 2024
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
Arrow Announces operations update and PDMR Exercise of
Options
CALGARY, January 17, 2024 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL), the high-growth operator with a portfolio of assets
across key Colombian hydrocarbon basins, is pleased to give an
operations update and report the exercise of options by a Director
and PDMR.
Carrizales Norte Update
The Petroworks 1,500-horsepower rig has arrived at the
Carrizales Norte (CN) field in the Tapir block and is currently
being erected. Arrow expects the CN-4 well, targeting the Ubaque
formation at CN, will spud in the latter half of January.
CN-4 will be followed by CN-5 which will test the Carrizales
Noroeste prospect. The CN-5 well is expected to spud in February.
Following CN-5, the Petroworks 1,500 horsepower rig will remain at
the CN pad and continue development of the CN field targeting the
C7 formation.
Arrow is currently constructing the CN horizontal well pad (B
Pad) and expects construction will be completed in March. Once the
pad is complete the Company plans to bring in a 2,000-horsepower
rig to drill the Company's first horizontal well (CN HZ-1). On
success, Arrow plans to follow the first well up with additional
horizontal wells from the B Pad.
Mateguafa Attic and Baquiano Updates
Work has begun upgrading the Mateguafa pad and construction of
the Baquiano road and pad, both of which are located in the Tapir
block.
The plan is for the first Mateguafa Attic well (MA-1) to spud in
late Q1 or early Q2 using an additional 1,500 horsepower rig. The
Company expects the Baquiano prospect to be drilled later in
2024.
Oso Pardo
Oso Pardo-1 (OP-1), on the Santa Isabel Block in the Middle
Magdalena Valley Basin of Colombia, where Arrow has a 100 per cent
working interest, is back on production after the pump was changed
in late December. The Oso Pardo-3 (OP-3) and Oso Pardo-4 (OP-4)
development wells were both drilled successfully targeting the Umir
formation. The completion of these wells is pending well
stimulation operations, to mitigate typical skin damage, which the
Company plans to complete in Q1.
Options Exercised
Arrow announces that a Director exercised 2,277,721 options for
common share of no par value ("Common Share"). A summary of the
options exercised is as follows (all figures converted to pounds
sterling):
Market Price
Options Exercised Strike Price at Exercise
Marshall Abbott 800,000 GBP 0.03 GBP 0.19
------------------ --------------- -------------
Marshall Abbott 816,666 GBP 0.08 GBP 0.19
------------------ --------------- -------------
Marshall Abbott 133,333 GBP 0.16 GBP 0.19
------------------ --------------- -------------
Marshall Abbott 527,222 GBP 0.16 GBP 0.19
------------------ --------------- -------------
Total 2,277,721
------------------ --------------- -------------
The option exercise was accepted by the Company on January 15,
2024. The options, some which were set to expire immediately, were
exercised at this time as the Company is expected to be continually
operationally active over the next six months with limited periods
in which Directors would be able to exercise options. The options
have been exercised on a "cashless" basis. Under the terms of the
Company's share option plan approved at the Company's AGM on 20
September 2023, this 'cashless' method results in the Company
paying the option holder the value of the option (market price less
strike price) from cash reserves. Accordingly, no new shares were
issued for the option exercise.
Following the exercise of the options referred to above, there
has been no change in the shareholding of PDMR's and Directors. Mr.
Abbott holds 5,369,702 Common Shares (representing 2.29 per cent of
the issued Common Shares).
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Joe McFarlane, CFO +1 403 818 1033
Brookline Public Relations,
Inc.
Shauna MacDonald +1 403 538 5645
Canaccord Genuity (Nominated
Advisor and Joint Broker)
Henry Fitzgerald-O'Connor
James Asensio
George Grainger +44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) +44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
Andrew Turner +44 (0)20 3781 8331
Rebecca Waterworth
About Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia via a branch of
its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded
company with a portfolio of premier Colombian oil assets that are
underexploited, under-explored and offer high potential growth. The
Company's business plan is to expand oil production from some of
Colombia's most active basins, including the Llanos, Middle
Magdalena Valley (MMV) and Putumayo Basin. The asset base is
predominantly operated with high working interests, and the
Brent-linked light oil pricing exposure combines with low royalties
to yield attractive potential operating margins. Arrow's 50%
interest in the Tapir Block is contingent on the assignment by
Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is
led by a hands-on executive team supported by an experienced board.
Arrow is listed on the AIM market of the London Stock Exchange and
on TSX Venture Exchange under the symbol "AXL".
Forward-looking Statements
This news release contains certain statements or disclosures
relating to Arrow that are based on the expectations of its
management as well as assumptions made by and information currently
available to Arrow which may constitute forward-looking statements
or information ("forward-looking statements") under applicable
securities laws. All such statements and disclosures, other than
those of historical fact, which address activities, events,
outcomes, results or developments that Arrow anticipates or expects
may, could or will occur in the future (in whole or in part) should
be considered forward-looking statements. In some cases,
forward-looking statements can be identified by the use of the
words "continue", "expect", "opportunity", "plan", "potential" and
"will" and similar expressions. The forward-looking statements
contained in this news release reflect several material factors and
expectations and assumptions of Arrow, including without
limitation, Arrow's evaluation of the impacts of COVID-19, the
potential of Arrow's Colombian and/or Canadian assets (or any of
them individually), the prices of oil and/or natural gas, and
Arrow's business plan to expand oil and gas production and achieve
attractive potential operating margins. Arrow believes the
expectations and assumptions reflected in the forward-looking
statements are reasonable at this time, but no assurance can be
given that these factors, expectations, and assumptions will prove
to be correct.
The forward-looking statements included in this news release are
not guarantees of future performance and should not be unduly
relied upon. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
hereof and the Company undertakes no obligations to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Details of the person discharging managerial responsibilities
/ person closely associated
Name Marshall Abbott
--------------------------------------------
Reason for the notification
Position/status Director
--------------------------------------------
Initial notification Initial notification
/Amendment
--------------------------------------------
Details of the issuer, emission allowance market participant,
auction platform, auctioneer
or auction monitor
Name Arrow Exploration Corp.
--------------------------------------------
LEI 9845000FDF0856QD9031
--------------------------------------------
Details of the transaction(s): section to be repeated for (i)
each type of instrument;
(ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
Description of the Common Shares of nil par value
financial instrument, ISIN: CA04274P1053
type of instrument
Identification code
Nature of the transaction Cashless exercise of options
Price(s) and volume(s) Exercise
------------------- --------------------
Name Exercise Options
price
------------------- ---------- --------
Marshall Abbott GBP 0.03 800,000
------------------- ---------------------------------------- --------
Marshall Abbott GBP 0.08 816,666
------------------- ---------------------------------------- --------
Marshall Abbott GBP 0.16 133,333
------------------- ---------------------------------------- --------
Marshall Abbott GBP 0.16 527,222
------------------- ---------------------------------------- --------
Aggregated information N/A
Date of the transaction 15 January 2024
Place of the transaction Outside a trading venue
--------------------------------------------
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END
UPDLQLLFZFLBBBZ
(END) Dow Jones Newswires
January 17, 2024 02:00 ET (07:00 GMT)
Grafico Azioni Arrow Exploration (LSE:AXL)
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