Arrow Exploration closes US$12 million sale of LLA-23 Block in Colombia

30 December 2020


On December 30, 2020, Arrow Exploration Corp. ("Arrow") (TSXV: AXL) announced the closing of the previously announced arm's length disposition of the LLA-23 Block in Colombia to COG Energy Ltd. The closing of the transaction is a significant step forward in Arrow's strategic alternatives process announced in November 2019. Gross proceeds from the sale, including customary closing adjustments, were approximately US$12 million. 

Arrow (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) has a portfolio of premier Colombian oil assets that are under-exploited, under-explored and offer high potential growth. 

Gowling WLG advised Arrow with respect to this sale with a team that included Stuart Olley and Gordon Chmilar.

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