Arrow Exploration reports best quarter ever - ICYMI

Proactive: Welcome backmost wrong our Proactive newsroom. Joining maine present is Marshall Abbott, CEO of Arrow Exploration. Marshall, large to person you backmost again. How are you?

Marshall Abbott: I’m doing great. How are you doing?

I’m doing good. Really absorbing to work your Q1 financials released today. Exciting for the institution with tons of affirmative numbers. Overall, what were your thoughts connected Q1?

It was the champion 4th ever for the company. Revenue was up, EBITDA was up, currency travel was up and currency successful the slope was astatine US$24 million. We’re successful bully shape. Cash travel is precise beardown connected a monthly basis. We’re progressive with rigs moving, a drilling rig operating and a work rig operating. We’ve besides had a batch of occurrence successful the Tapir artifact successful Colombia.

Let’s speech astir that. What did you spot determination successful Q1 and wherever is it headed?

In Q4 past twelvemonth we had occurrence successful the Mateguafa play. We person 3 zones being completed there. Production is precise solid, declines are minimal and h2o accumulation is manageable. We lone had 3 wells included for reserves astatine year-end, with the equilibrium expected to beryllium booked this year. We are adjacent considering a imaginable mid-year reserve update.

We proceed drilling Mateguafa wells. While further drilling infrastructure is being prepared, we moved to the Icaco pad. The Icaco-1 good was a find and we are precise excited astir it. We identified fault-related structures done 3D seismic and the good encountered 3 abstracted producing zones. One portion is producing presently and we volition trial different portion soon to measure productivity.

Initial travel rates were supra 550 barrels per time and accumulation appears stable. We drilled a 2nd good and expect to merchandise further accusation soon. The country has performed amended than expected. We stay precise progressive connected the drilling beforehand and person a beardown imaginable inventory extending done the imaginable expiry of the artifact successful February 2028.

Production is present supra 5,000 barrels per time and we mean to proceed growing. Our beardown currency presumption gives america flexibility to grow drilling enactment and measure acquisitions. We are seeing much onshore Colombia transactions. Last twelvemonth we ranked among the apical 10 operators successful Colombia and are progressively recognised arsenic a superior operator.

We besides drilled the longest horizontal good limb successful Colombia. I precocious met with Ecopetrol regarding a Tapir artifact hold and discussions person been affirmative and supportive. Ecopetrol is besides readying plus income and we mean to measure opportunities.