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Oil Exploration Co. Finds Success at Colombian Block


May 18, 2023 ( Newswire) Arrow Exploration Corp.'s Carrizales Norte-1 exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high-quality sands, reported an Auctus Advisors research note.

Arrow Exploration Corp.'s (AXL:TSX.V; AXL:LSE) Carrizales Norte-1 (CN-1) exploration well has reported a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high-quality sands, noted Auctus Advisors analyst Stephane Foucaud in a May 15 research note.

This is the biggest net oil pay from a well on Tapir so far. He also pointed out that due to reservoirs encountered at CN-1 being slightly deeper than those at Rio Cravo, pressure is expected to be higher, leading to raised production rates.

No reserves have been booked for the field yet. Currently, Auctus only carries 1.8 mmbbl net p50 prospective resources for Carrizales Norte.

Foucaud noted, "This is very close to the YE22 net 2P reserves attributed to the Rio Cravo Este field but could be too conservative."

Results of CN-1 have also derisked the FY23 production profile with more locations to drill.

With this, Foucaud commented, "We continue to forecast YE23 production at ~5 mboe/d. The CN-1 well is expected to start production in June."

Structure and Predictions

In his report, Stephane Foucaud increased Arrow Exploration's target price from £0.45 per share to £0.50.

Foucaud's research also shared current market data on the company:

Foucaud expects an implied total return of 163%, and notes that Arrow has an enterprise value of US$53 million.

More Info: Newswire

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