Arrow Exploration Corp. (LSE:AXL) reported corporate production of more than 6,000 barrels of oil equivalent per day, following recent drilling activity, workovers and the addition of the Thorsby field in Alberta.
The company estimated its cash balance at US$21.8 million after making the payment associated with the Thorsby acquisition.
At the Icaco field on the Tapir block in Colombia, Arrow said the IC-6 well encountered a fault and was subsequently repurposed as a water disposal well. The company expects the change in use to reduce operating costs and improve production efficiency at the field.
Arrow has since spud the IC-7 well, which is targeting multiple formations. The company is also expanding drilling capacity on the Icaco pad as it continues development activity in the area.
Arrow said discussions regarding an extension of the Tapir block are continuing.
More about Arrow Exploration Corp.
Arrow Exploration Corp. is an oil and gas company with operations in Colombia and Canada. Its portfolio includes operated light oil assets in the Llanos, Middle Magdalena Valley and Putumayo basins.
The company holds rights to 50% of production from the Tapir block in Colombia through a private commercial contract and operates in the country through its wholly owned subsidiary Carrao Energy S.A.
Arrow is listed on London’s AIM market and the TSX Venture Exchange under the ticker AXL.
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