Arrow Exploration Targets 7,000 Barrels Per Day in Colombia

Arrow Exploration is on track to increase its oil production in Colombia, according to CEO Marshall Abbott. The company has already reached a daily output of over 6,000 barrels and aims to hit 7,000. This growth is due in part to the success of five exploration wells that have generated around 50 development well locations.

Abbott emphasized Arrow Exploration's financial stability, citing no debt and approximately $22 million in cash reserves. The company also has access to a prepayment facility from BP worth $20 million. This secure financial foundation enables Arrow Exploration to pursue its growth plans with confidence.

A key priority for the company is securing an extension to its Colombian block, which Abbott described as 'constructive discussions.' Arrow Exploration wants an extension that covers the life of the field rather than a short-term renewal.