Arrow Exploration Corp (TSE:AXL) has released an update.
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Arrow Exploration Corp. has reported a substantial increase in their 2023 year-end reserves, with Proved (1P) reserves up by 57% and Proved plus Probable (2P) reserves growing by 54%. The net present value (NPV-10) before tax has seen a significant rise, with a 133% increase for 1P and 120% for 2P reserves, highlighting the company’s successful drilling in Colombia and robust reserve replacement ratios. Despite a slight decrease in Proved Developed Producing reserves due to a temporary shutdown, the overall financial and operational outlook for Arrow is positively strong.
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