Arrow Exploration Corp’s CEO, Marshall Abbott, has characterized 2022 as an exceptional year for the company, with remarkable growth in revenue, production, and income.
In the financial year that ended on December 31, 2022, Arrow generated US$25 million in total oil and natural gas revenue net of royalties, compared to US$6.5 million in 2021, with an EBITDA of US$12.5 million for the entire year and US$4.5 million for Q4 of 2022. Since its listing on London’s AIM in October 2021, Arrow has experienced record results from its operations and production increase.
Arrow’s average corporate production for FY 2022 increased by 223% to 1,345 barrels of oil equivalent (boe) per day, and it ended the year with a cash balance of US$13 million.
Arrow’s proven and probable reserves rose by 4% to 7.69 million boe at the end of 2022, with a reserve replacement ratio of 164%. The company successfully drilled two wells and completed two workovers at Rio Cravo Este in 2022, resulting in significant production increases.
The East Pepper Montney gas well was tied in, demonstrating the commercial feasibility of drilling and completing Montney gas wells in the Hinton Area and adding to Canadian production. Arrow completed all operations safely with no accidents or environmental incidents.
Abbott remarked in the results statement that “We saw growth in production, revenue, and income, and our balance sheet is in a very healthy position to support the large capital program planned for 2023. Looking ahead, Arrow has multiple near-term catalysts capable of delivering material value.”
Arrow has a fully funded 2023 work program of US$32 million, which aims to target 10 wells, and has already drilled three development wells on the Tapir Block in 2023.
The company also plans to spud the first Carrizales Norte well shortly and expects to drill two additional wells at Carrizales Norte by year-end. Arrow intends to drill two development wells at the Oso Pardo Block in the Middle Magdalena Basin.
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