Source: Streetwise Reports
September 5, 2023 (Investorideas.com Newswire) Arrow Exploration has released the results of its Q2 2023 performance. Read on to see how the company has consistently beat one analyst's estimations.
The highlights and performance data from the three-month and six-month period ending on June 30, 2023, for Arrow Exploration Corp. (AXL:TSX.V; AXL:LSE) are now available on SEDAR and the company's website.
Among the company's most notable achievements are CA$10.3 million in revenue from oil, which reached valuations of CA$44.21 per barrel, and natural gas. This revenue amounted to over double the revenue for Q2 of 2022. The company reached an average production of 2169 barrels of oil equivalent per day (boe/d) in Q2 and reached a cash position of CA$10.8 million at the end of the quarter.
In drilling news, Arrow added to its reserves when it concluded its drilling project on the Carrizales Norte-1 well, located on the Tapir block. The drilling on this exploratory well made some encouraging intersections, especially in the Ubaque zone, which reached an average of 600 boe/d.
This number significantly outperformed estimates of how much Ubaque would produce, which was an expected 320 boe/d. Flow reports for Carrizales Norte-3 are right around the corner in September.
Arrow is operating over 20 wells on the Ubaque formation, and according to Marshall Abbott, the CEO at Arrowhead, "Arrow continues to gain momentum with strong Q2 2023 results. Our exciting drilling program, including the drilling of three RCE wells and three CN wells, is adding significant production and reserves, as well as establishing a new core area . . . the board remains confident in the company's opportunity-rich portfolio and the capability of the Arrow team to increase shareholder value."
Hurricane Could Drive Up Oil Prices
According to Reuters, oil prices have stabilized for the moment. 2023 has been a volatile market for fossil fuels, caused in large part by the conflict between Russia and Ukraine.
Raises in the interest rate were also identified as past drivers of volatility. However, Hurricane Idalia could end the brief stability of the oil market, as it is set to hit the oil-producing Gulf Coast.
IG market analyst Tony Sycamore commented that the impact of the storm could drive oil prices up as power outages halted production for multiple days.
Expectations Only Going Up
Analyst Stephane Foucaud of Auctus Advisors highlighted Arrow Exploration Corp. as a reliable company for potential investors. Foucoud said of the company, "Arrow's current share price is £0.20 per share, and Auctus has a £0.50 per share price target on the Canadian oil company . . . The difference between these prices implies a significant 163% return for investors in the company."
Earlier this year, in June, Foucaud predicted a 117% return for the company, representing a significant increase in his prediction for July. This has been something of a trend for Arrow, which has been consistently underestimated by analysts.
According to Foucaud, "aggregate reserve capture materially exceeds initial expectations ... the development of Carrizales Norte could now be expanded beyond the three wells initially envisaged."
Arrow has a number of catalysts on the table, including ten wells in Columbia and the development of infrastructure leading to the projects, including roads and a helicopter pad. Arrow also conducted a 3D seismic study of Tapir.
Ownership and Share Structure
Management and insiders own 8.6% of the company.
Tim Leslie owns 2.86% of the company with 6.81 million shares, Director Gage Jull owns 1.68% with 4.00 million shares, Eric Mcfarlane Joseph owns 1.62% with 3.87 million shares, CEO Marshall G. Abbot owns 1.50% with 3.58 million shares, Max Satel owns 0.93% with 2.21 million shares, and Ravi Sharma owns 0.01% with 0.01 million shares.
Institutions own 29.62% of the company.
Canacol Energy Ltd. owns 17.52% with 41.72 million shares, Edale Capital LLP owns 8.42% with 20.05 million shares, Yacktman Asset Management LP owns 2.73% with 6.50 million shares, and Spreadex, Ltd., owns 0.95% with 2.25 million shares.
There are 238.07 million shares outstanding, with 173.64 free float traded shares. The market cap is CA$54.28 million. It trades in the 52-week period between CA$14.10 and CA$26.10.
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