09:39 AM EST - Arrow Exploration Corp. : Provided an operations update and report on the granting and exercise of options by certain Directors and PDMRs. Arrow has initiated the drilling rig move to Rio Cravo Este (RCE) to further exploit the Carbonera Sandstone reservoir. Three additional infill wells will be drilled in Q1 2023 with RCE-3 expected to spud in January 2023. RCE-4 and RCE-5 will be drilled in sequence. The drilling rig was initially delayed due to a different operator experiencing operational issues. The infill wells have similar productivity potential to RCE-2 and RCS-1 which are currently producing 850 BOPD net, well above forecasted rates. RCE-2 was paid out in 37 days with an onstream net cost of $4.2MM. Upon completion of the RCE-3, RCE-4 and RCE-5 wells, the Company is contemplating drilling two to three additional wells into the Gacheta Sandstone reservoir in the fault bounded RCE structure. RCE-2 tested rates exceeding 700 BOPD gross from the Gacheta Sandstone. Dedicated Gacheta wells would likely spud in Q3 2023. Arrow Exploration Corp.
shares V.AXL are trading unchanged at $0.25.
