Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) announced that the initial reserves report validates the Carrizales Norte project as a significant find for the company.
The Colombian field is believed to contain nearly 4 million barrels of confirmed and probable (2P) oil reserves, with a net present value of $143.5 million. When considering the 3P category, which includes possible reserves, the total comes to 6.62 million barrels.
“The Carrizales Norte field stands as a key discovery for Arrow, as evidenced by the reserves report,” stated CEO Marshall Abbott.
He continued, “The reserves in Carrizales Norte have effectively doubled the 1P, 2P, and 3P cumulative reserves and value for Arrow.
We’re satisfied with the outcomes of the BouryGEC reserves assessment, underscoring the immense worth of our Carrizales Norte asset at Tapir.”
Abbott further noted, “This year’s 3D initiative on the western side of the Tapir block has also advanced potential opportunities that we believe might yield outcomes mirroring those of the Carrizales Norte and Rio Cravo Este fields.
Our strategy involves exploring these opportunities in the foreseeable future.”
