Arrow Exploration Reports Record Q3 Results and Outlines Ambitious Growth Plans for 2025
Published: 17:29 29 Nov 2024 GMT
Arrow Exploration CEO Marshall Abbott joined Steve Darling from Proactive to share a record-breaking Q3 performance and detailed plans for continued growth in 2025. The company achieved its strongest quarter ever in production, revenue, EBITDA, and cash flow. The company saw total revenue of $21.3 million, a 53% increase from Q3 2023. Net income of $6.7 million and adjusted EBITDA of $15.9 million, up 62% from Q3 2023 and 79% from Q2 2024.
Operating cash flow of $29.2 million for the nine months ending September 30, 2024 and a cash position of $16.5 million at the end of the quarter. Operationally, abbott told Proactive the company successfully drilled three horizontal development wells at the Carrizales Norte (CN) field, contributing significantly to these results. The company plans further activity at the Alberta Llanos prospect, starting with a low-risk vertical exploration well targeting multiple formations.
Two additional vertical wells are also planned on the same pad. Looking ahead to 2025, Arrow has ambitious plans to drill up to 23 wells using two rigs. Rig 1 will be focused on Alberta Llanos, Carrizales Norte, Mateguafa Oeste, and Capullo prospects. Rig 2 will be dedicated to the RCE development area and a new Carrizales Norte C pad for horizontal drilling in the northern section of the field. The company is also planning a 3D seismic project over the Tapir block’s southern area will target further development of the Icaco and Macoya prospects.
The company has allocated $50 million in capital expenditures for 2025, with production expected to rise significantly as a result. This comprehensive growth strategy positions Arrow Exploration for a strong year ahead.
