IN BRIEF: Arrow Exploration third quarter profit surges as output up

Arrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Pretax profit ...

Alliance News 29 November, 2023 | 2:21PM
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Arrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Pretax profit surges to USD6.7 million in the quarter to September 30, from USD3.1 million a year prior. Revenue jumps 84% to USD15.9 million from USD8.6 million, boosted by oil production, which rises 68% to 2,518 barrels of oil equivalent from 1,503 boe/d. Looking ahead, the company plans to have a USD40 million capital programme including 15 wells in 2024. Chief Executive Officer Marshall Abbott says: "Arrow continues to grow, recording its strongest quarter to date. The 2023 drilling program, including the CN discovery, added significant production and reserves to the company and established a new core area. Additional low risk prospects have been identified using our recently acquired 3D seismic data."

Current stock price: 18.70 pence, up 2.5% on Wednesday

12-month change: up 3.9%

By Tom Budszus, Alliance News slot editor

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Arrow Exploration Corp 22.58 GBX 0.33 -
Arrow Exploration Corp 0.38 CAD 1.35 -

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