Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Arrow Exploration Corp - Calgary, Canada-based oil and gas company with projects in Colombia and Canada - Revenue in the first quarter rises to $7.0 million with royalties, more than double $3.4 million from the previous year. Earnings before interest, tax, depreciation, and amortization rises to $4.3 million from $600,000. Corporate production rises 43% to 1,635 barrels oil equivalent per day from 1,144 boepd a year prior. The company declares no dividend in the first quarter, unchanged from the previous year.
Arrow Exploration says that the Carrizales Norte-1 well has been drilled, and its target depth has been reached. The company plans to drill two more development wells at Carrizales Norte by the year-end. Chief Executive Officer Marshall Abbott says: ‘Arrow has had a strong start to 2023, including the drilling of three RCE wells and the CN-1 well, which is expected to have a significant impact on the company’s production and reserves, as well as establishing a new core area.’
Current stock price: 24.80 pence, up 1.2%
12-month change: up 48%
Copyright 2023 Alliance News Ltd. All Rights Reserved.