Brian Goodman, CEO of Golden Matrix Group Inc. explains how they stay one step ahead of their rivals. Watch the interview here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Sponsored Content

Pin to quick picksArrow Explor. Share News (AXL)

Share Price Information for Arrow Explor. (AXL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 22.00
Bid: 21.50
Ask: 22.50
Change: 1.00 (4.76%)
Spread: 1.00 (4.651%)
Open: 21.00
High: 22.25
Low: 20.75
Prev. Close: 21.00

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Arrow Exploration says drill results validate new technology

Wed, 19th Jun 2024 13:20

(Alliance News) - Arrow Exploration Corp shares surged on Wednesday, after the company said results at its first Ubaque horizontal well were "exceeding expectations".

Arrow Exploration shares were up 16% to 23.20 pence each in London on Wednesday afternoon.

In May, the Colombian-focused oil and gas exploration firm initiated a horizontal drill programme at the Ubaque formation in the Llabis Basin.

At the time, Chief Executive Officer Marshall Abbott said it was a "significant milestone" which would determine whether the reservoir "could be developed most efficiently using horizontal drilling technologies".

Arrow Exploration holds a 50% interest in the Carrizales Norte field on the Tapir Block in the Llabis Basin where the first of four planned horizontal wells has been put on production.

On Wednesday, Arrow said results revealed a current flow rate of 3,150 barrels of oil per day, 1,575 bopd net to arrow, ahead of expectations.

It should be noted, the firm cautioned, that initial flows are not always indicative of future long-term performance or ultimate recovery. A stabilised production rate will be determined in the first few weeks of operations.

"The initial success of the first horizontal well... is an important milestone in the development of the hydrocarbon-dense Ubaque formation. The horizontal technology proven by this well can now be used to exploit further prospects on the Tapir block, and potentially the Oso Pardo block," Abbott said.

Elsewhere, the company's Morsa 1 well in the Oso Pardo field has returned to production following a downhole equipment failure adding 75 net bopd.

The Capella field, which produces 230 bopd, remains shut while a third party operator assesses plans to restart the field.

Meanwhile, low gas prices in Canada have forced the temporary closure of the East and West Pepper wells at a cost of 250 net barrels of oil equivalent per day.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
28 Nov 2024 11:32

Arrow Exploration reports strongest ever quarterly figures

(Alliance News) - Arrow Exploration Corp on Thursday said it was planning for another year of growth as it realised strong on-year improvements in key performance metrics.

Read more
18 Sep 2024 12:36

UK shareholder meetings calendar - next 7 days

Thursday 19 September 
Augmentum Fintech PLCAGM
Auto Trader Group PLCAGM
Babcock International Group PLCAGM
Ferrexpo PLCGM re re-election of Vitalii Lisovenko to board
Liontrust Asset Management PLCAGM
PHSC PLCAGM
Supreme PLCAGM
Trakm8 Holdings PLCAGM
Friday 20 September 
abrdn New India Investment Trust PLCAGM
Belluscura PLCAGM
Crossword Cybersecurity PLCGM re proposed increase in borrowing limit
Kropz PLCGM re fundraise
SDX Energy PLCAGM
SysGroup PLCAGM
Monday 23 September 
ACP Energy PLCAGM
Alphawave IP Group PLCGM re employee share schemes
Altitude Group PLCAGM
Dialight PLCAGM
Gateley Holdings PLCAGM
Ondo InsurTech PLCAGM
Petrofac LtdAGM
Rockpool Acquisitions PLCAGM
Tern PLCGM re share issue
Tuesday 24 September 
Cohort PLCAGM
DSW Capital PLCAGM
First Property Group PLCAGM
Ilika PLCAGM
Kainos Group PLCAGM
Knights Group PLCAGM
LendInvest PLCAGM
Merit Group PLCAGM
Miton UK MicroCap Trust PLCAGM
Seed Innovations LtdAGM
Zigup PLCAGM
Wednesday 25 September 
Accsys Technologies PLCAGM
Arrow Exploration CorpAGM
De La Rue PLCAGM
Enteq Technologies PLCAGM
Intercede Group PLCAGM
International Distribution Services PLCAGM
Kazera Global PLCGM re authority to allot equity securities
Polar Capital Holdings PLCAGM
RM Infrastructure Income PLCGM re tender offer
System1 Group PLCAGM
Wizz Air Holdings PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
31 Jul 2024 14:11

Arrow Exploration says Colombia well performs above expectations

(Alliance News) - Arrow Exploration Corp on Wednesday said the CNB HZ-well 1 in Colombia is performing ahead of expectations, while another well as come into production and is also impressing.

Read more
21 Jun 2024 10:22

AIM WINNERS & LOSERS: Ondine up on NHS boost; Arrow returns some gains

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

Read more
19 Jun 2024 12:24

LONDON MARKET MIDDAY: Stocks stay green as UK inflation back to target

(Alliance News) - Stock prices in London continued to trend higher at midday on Wednesday, after data confirmed the return of UK inflation to its target rate of 2%.

Read more
19 Jun 2024 09:11

LONDON MARKET OPEN: FTSE 100 struggles despite UK inflation respite

(Alliance News) - London's FTSE 100 moved lower early Wednesday, despite a favourable UK inflation reading which may have strengthened hope for a summer rate cut.

Read more
4 Jun 2024 20:31

TRADING UPDATES: Tasty restructuring backed; Alien Metals raises funds

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
16 May 2024 14:02

Arrow begins milestone horizontal drill programme at Ubaque formation

(Alliance News) - Arrow Exploration Corp on Thursday announced the commencement of drilling at the CNB HZ-1 well.

Read more
29 Apr 2024 12:26

EARNINGS: Aminex says 2024 to be "decisive"; i3 held back by wildfires

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:

Read more
28 Mar 2024 14:35

EARNINGS AND TRADING: 888 advances US exit; Arrow ups reserve estimate

(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:

Read more
20 Feb 2024 15:10

Canaccord Genuity slightly raises target price on Arrow Exploration

(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
20 Feb 2024 14:55

Arrow reports progress on Colombia's Tapir block

(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
20 Feb 2024 10:31

Arrow Exploration says formation in Colombia "exceeds expectations"

(Alliance News) - Arrow Exploration Corp on Tuesday said that the Ubaque formation at Carizzales Norte in Colombia continued "to exceed expectations."

Read more
17 Jan 2024 18:14

IN BRIEF: Arrow Exploration reports progress in Colombia prospects

Arrow 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 more

Free Investment Tools

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.