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Pin to quick picksArrow Explor. Share News (AXL)

Share Price Information for Arrow Explor. (AXL)

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Share Price: 19.75
Bid: 19.50
Ask: 20.00
Change: 0.25 (1.28%)
Spread: 0.50 (2.564%)
Open: 19.50
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Low: 19.25
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EARNINGS: Aminex says 2024 to be "decisive"; i3 held back by wildfires

Mon, 29th Apr 2024 12:26

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

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Aminex PLC - oil and gas investment in Tanzania - Pretax loss narrows to USD1.1 million in 2023 from USD4.1 million in 2022. Revenue remains negligible, but impairments against property, plant and equipment are reduced to USD695,000 from USD3.0 million. Says it achieved a string of milestones in 2023 and early 2024, including receiving approval from the Tanzanian government for its development license and signing a gas sale agreement with ARA Petroleum Tanzania Ltd and the Tanzania Petroleum Development Corp. On Monday, announces a new USD3 million funding facility from largest shareholder Eclipse Investments LLC, available for two years. Interest will be charged at the standard overnight financing rate plus eight percentage points. "This year will be a decisive one for our company," says Executive Chair Charles Santos. "We expect significant progress in the Ntorya project providing shareholders with several catalytic events likely to improve the company's underlying value."

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Arrow Exploration Corp - oil and gas operator in Colombia - Swings to net loss of USD10.5 million in the fourth quarter of 2023 from a USD3.0 million profit a year before, due to taking an USD11.8 million impairment loss for its Canadian business and its Capella block in Colombia. This sends full-year results to a USD1.1 million loss from a USD346,524 profit in 2022. More positively, natural gas and crude oil revenue, net of royalties, jumps by 50% to USD13.4 million in the fourth quarter from USD8.9 million a year before and nearly doubles to USD44.7 million for all of 2023 from USD25.0 million in 2022. Total revenue for all of 2023 is USD50.6 million, up from USD28.1 million in 2022. Pretax profit is USD3.0 million, down from USD8.4 million, but adjusted earnings before interest, tax, depreciation and amortisation is USD27.2 million, more than doubled from USD12.5 million. Average corporate production in 2023 is 2,167 barrels of oil equivalent per day, up from 1,345 in 2022. Has USD12 million in cash as of the end of December.

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i3 Energy PLC - oil and gas operator in UK and Canada - Hails record production in 2023 of 20,711 barrels of oil equivalent per day, up 1.9% from 20,317 in 2022. This is despite restrictions on production caused by wildfires in Alberta, among other issues. Pretax profit more than halves to GBP20.9 million in 2023 from GBP55.8 million in 2022, as revenue falls by 30% to GBP146.3 million from GBP208.4 million, amid lower energy prices. i3 Energy declares 1.1115 pence per share in dividends during 2023, down from 1.4835p in 2022.

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Ferro-Alloy Resources Ltd - developing Balasausqandiq vanadium deposit in southern Kazakhstan - Pretax loss widens to USD5.3 million in 2023 from USD4.3 million in 2022. Revenue slips to USD6.2 million from USD6.8 million, and administrative expenses increase to USD3.4 million from USD2.5 million. The decline in revenue is due to lower market prices for vanadium pentoxide and molybdenum, largely due to a slowdown in the construction sector in China, as well as some production issues. Ferro-Alloy says it remains focused on completing the phase 1 feasibility study for Balasausqandiq.

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Camellia PLC - Kent-based agriculture and engineering services firm - Swings to a trading loss in Agriculture arm of GBP5.6 million in 2023 from a profit of GBP15.5 million in 2022, due to lower tea and macadamia prices. Overall trading loss is GBP15.6 million, swung from a GBP6.1 million profit. Revenue slips 8.4% to GBP272.3 million from GBP297.2 million. Despite this, Camellia swings to a pretax profit of GBP3.8 million from a loss of GBP4.3 million, mostly due to a GBP19.0 million benefit from the reversal of a previous impairment. Says outlook for 2024 remains "challenging". Revenue is expected to be above 2023, but with a "significantly" wider adjusted loss before tax. This is GBP9.3 million in 2023, swung from GBP4.0 million profit in 2022. Camellia will pay no final dividend for 2023 but will consider an interim payout for 2024, depending on its results and outlook, it says.

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By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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6 Feb 2025 15:51

Canaccord Genuity lowers target price on Arrow Exploration

(Sharecast News) - Analysts at Canaccord Genuity lowered their target price on Colombia-focussed oil firm Arrow Exploration from 50.0p to 44.0p on Thursday but acknowledged that near-term drilling was likely to reboot production growth.

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5 Feb 2025 14:01

Arrow Exploration reports drilling progress at Alberta Llanos

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AIM WINNERS & LOSERS: Arrow Exploration well disappoints

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Arrow Exploration says Colombian oil venture meets expectations

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AIM WINNERS & LOSERS: Hercules Site to divest unit; Engage XR falls

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Arrow Exploration reveals promising results from AB-1 well

(Sharecast News) - Arrow Exploration announced promising results from the AB-1 well at the Alberta Llanos field on the Tapir Block in Colombia on Monday, where it holds a 50% beneficial interest.

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17 Dec 2024 13:39

Arrow Exploration reaches target depth at AB-1 well

(Sharecast News) - Arrow Exploration announced on Tuesday that it has reached target depth on the Alberta Llanos-1 (AB-1) exploration well, located on the Tapir Block in Colombia's Llanos Basin.

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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.

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18 Sep 2024 12:36

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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.

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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.

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19 Jun 2024 13:20

Arrow Exploration says drill results validate new technology

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

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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%.

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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.

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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:

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