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.
Further, says work has begun upgrading the Mateguafa pad and construction of the Baquiano road and pad, both of which are located in the Tapir block. The plan is for the first Mateguafa Attic well (MA-1) to spud late in the first quarter or early in the second quarter using an additional 1,500 horsepower rig. Expects the Baquiano prospect to be drilled later in 2024.
Current stock price: 17.74 pence, down 1.4% in London on Wednesday
12-month change: down 7.8%
By Jeremy Cutler, Alliance News reporter
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Arrow Explor. (AXL)