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(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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(Sharecast News) - Analysts at Canaccord Genuity hiked their target price on exploration and production business Arrow Exploration from 40.0p to 44.0p on Tuesday following "a very encouraging start" to the group's extensive 2024 drilling programme.
Read more(Sharecast News) - Colombia-focussed hydrocarbon developer Arrow Exploration updated the market on activities in the Tapir Block on Tuesday, situated in the Llanos Basin, where it holds a 50% beneficial working interest.
Read more(Alliance News) - Arrow Exploration Corp on Tuesday said that the Ubaque formation at Carizzales Norte in Colombia continued "to exceed expectations."
Read moreArrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Provides operations update. Says the Petroworks 1,500-horsepower rig has arrived at the Carrizales Norte field in the Tapir block and is currently being erected. 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.
Read moreArrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Approves 2024 work programme, which includes 15 wells and a USD45 million net capital budget. States the entire capex budget will be financed by current cash reserves and operating cash flow. Says the 2024 budget focuses on the Tapir block and the development of the Carrizales Norte field. Expects to employ two rigs for the entire year on the Tapir block with a third rig being utilized as required. Plans to drill three horizontal wells at CN as well as focusing on low-risk exploration, with wells spread across the Mateguafa prospect. Believes each prospect has potential, on its own, to add materially to production, reserves and cash flow. Expects production from Oso Pardo 1 to resume in early 2024. Marshall Abbott, chief executive comments: "Arrow's fully funded, low risk drilling program for 2024 continues to build momentum across our extensive portfolio. Arrow is poised to achieve significantly higher production and commensurate cash flow through the 2024 calendar year."
Read more(Sharecast News) - Colombian hydrocarbon specialist Arrow Exploration said in an update on Thursday that it ended 2023 with a production rate exceeding 3,200 barrels of oil equivalent per day net.
Read moreArrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Pretax profit surges to USD6.7 million in the quarter to September 30, from USD3.1 million a year prior. Revenue jumps 84% to USD15.9 million from USD8.6 million, boosted by oil production, which rises 68% to 2,518 barrels of oil equivalent from 1,503 boe/d. Looking ahead, the company plans to have a USD40 million capital programme including 15 wells in 2024. Chief Executive Officer Marshall Abbott says: "Arrow continues to grow, recording its strongest quarter to date. The 2023 drilling program, including the CN discovery, added significant production and reserves to the company and established a new core area. Additional low risk prospects have been identified using our recently acquired 3D seismic data."
Read more(Sharecast News) - Analysts at Canaccord Genuity raised their target price on oil miner Arrow Exploration from 42.0p to 46.0p on Wednesday after the group's Q3 results were the best in the company's history.
Read more(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
Read moreArrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Announces the exercise of warrants by its largest shareholders and management. Explains the warrants were issued in conjunction with the fourth quarter 2021 financing and had an exercise price of GBP0.09 per share. The company's largest shareholder, Canacol Energy Ltd, has exercised 18.4 million warrants and now holds around 21% of Arrow's share capital. It intends to hold its current interest. Tim Leslie, has exercised 10.2 million warrants and now holds a 6.3% stake in the company.
Read more(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
Read more(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
Read more(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
Read more(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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