Arrow Exploration CEO Marshall Abbott joined Steve Darling from Proactive to announce the interim results for the company's third quarter and first nine months of 2023.
The company reported total oil and natural gas revenue, net of royalties, of $13.9 million, nearly double compared to the same period in 2022. Net income was $7.1 million, and adjusted EBITDA reached $9.8 million, both more than double compared to 2022. The company maintains a strong cash position with $12.8 million at the end of Q3 2023.
Abbott shared with Proactive the company's successful drilling activities, including the Carrizales Norte-2 (CN-2) and Carrizales Norte-3 (CN-3) wells at the Tapir block, resulting in additional production and reserve additions.
The company has significantly increased its reserves from the Carrizales Norte discovery, adding more than 3.92 million barrels of 2P reserves.
Looking ahead, Abbott mentioned plans to drill two additional wells at Rio Cravo Este (RCE) by year-end and another development well on the Oso Pardo Block in the Middle Magdalena Basin.
In 2024, Arrow Exploration plans to execute a $40 million capital program, which includes drilling 15 wells. The focus will be on the Carrizales Norte discovery, with three horizontal wells planned. Additionally, low-risk step-out and exploration wells are scheduled at the Mateguafa Attic and Baquiano prospects.