West Pepper Well on Production!Yes sir!! GLTA!
Calgary, Alberta--(Newsfile Corp. - December 13, 2021) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company") is pleased to announce that as of December 10th, 2021 the Dalehurst 06-26-52-23W5 well ("West Pepper Well") located near Edson, Alberta, Canada was brought on stream.
Initial stabilized production rates are 6.2 MMscf/d of natural gas, or over 1,030 boe/d, at 7,214 kPa tubing pressure, 30,048 kPa casing pressure, and with no water production.
With the additional production from the West Pepper Well, the Company estimates that its net corporate production is approximately 1,570 boe/d, almost tripling net corporate production prior to the tie-in of the West Pepper Well.
The West Pepper Well was brought on production at an estimated capital cost of approximately US$1.3 million.
With this additional natural gas production, the Company expects to benefit from currently robust natural gas prices in Canada. January 2022 natural gas futures contracts at the AECO hub (the benchmark for natural gas prices in Canada) were C$3.87/GJ as of December 12th, 2021, being approximately 30% higher than the 2021 Q3 average of C$2.97/GJ.
Marshall Abbott, CEO commented: "Production initiation at the West Pepper Well represents a step change in our overall production profile. The well is expected to generate significant additional revenue and cash flow for the Company going forward."
Due to expected natural decline rates, the initial production rates may not be indicative of the long-term expected production from the West Pepper Well.
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Max Satel, EVP Corporate Development & Investor Relations +1 416 904 2258
Arden Partners (Joint Broker and Nominated Adviser)
Ruari McGirr / Richard Johnson (Corporate) +44 (0)20 7614 5900
Seb Wykeham / Simon Johnson (Broking)
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) +44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
James Crothers +44 (0)20 3781 8331
Rebecca Waterworth
Billy Clegg
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 under-exploited, 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".