Proactive Investors - Arrow Exploration Corp (LON:AXLA) has reported a near doubling of quarterly oil and natural gas revenue, which reached US$13.9 million, up from US$7.6 million recorded in the same period a year ago.
Net income for its third quarter increased to US$7.1 million versus US$2.04 million a year ago, whilst Arrow reported earnings (adjusted EBITDA) of US$9.8 million compared to US$4.6 million.
Arrow saw a US$16.2 million inflow of funds from operations in the first nine months of its financial year, up from US$4.6 million in the same period a year ago.
It comes as production volumes strengthened by some 68% to 2,518 barrels oil equivalent per day (boepd).
The improved performance was driven by drilling successes, particularly in the Carrizales Norte-2 (CN-2) and Carrizales Norte-3 (CN-3) wells, which boosted production and also reserve growth (adding close to four million barrels at Carrizales Norte).
Drilling efforts are ongoing at Carrizales Norte as well as the Oso Pardo Block. Meanwhile, the company expects to deploy a US$40 million capital programme in 2024.
"Arrow continues to grow, recording its strongest quarter to date,” chief executive Marshall Abbott said in a statement.
“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.
“The company plans to increase operational tempo in aggressively developing the Carrizale, Ubaque and C7 discoveries while simultaneously drilling low risk exploration wells along proven fault fairways.
“The board remains confident in the Arrow team to execute on an aggressive exploitation campaign pursuing our opportunity rich portfolio and getting shareholder value to the next level."