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Suriname: Maersk

Drilling wins one-well
exploration contract

from Petronas

Maersk Drilling has secured a contract for the
semi-submersible rig Maersk Developer, which
will be employed by Petronas Suriname Explo-
ration & Production for a one-well exploration
campaign in Block 52 offshore Suriname. The
contract is expected to commence in Q3-2020 or
Q4-2020, with an estimated duration of 75 days. feet per day. Trading Policy that is consistent with the princi-
The value of the firm contract is approximately The successful contract extensions pricing ples in Section 9 of National Policy 11-207 – Fail-
$20.4mn, including integrated drilling services, represents a significant premium to the cur- ure-to-File Cease Trade Orders and Revocations
mobilisation and demobilisation fees. The con- rent spot market of approximately $1.95 per in Multiple Jurisdictions. Until the Company has
tract includes an additional one-well option. mmBTU, which has increased by 45% since May filed the required Documents, members of the
“It is great to work for Petronas again with a 20, 2020. Company’s management and other insiders will
quick reactivation of Maersk Developer for this Echo Energy, June 29 2020 observe a trading blackout consistent with the
campaign in the exciting Suriname-Guyana principles in Section 9 of National Policy 11-207
basin. This will showcase our ability to smoothly Arrow Exploration – Failure-to-File Cease Trade Orders and Revo-
and efficiently establish operations in new juris- cations in Multiple Jurisdictions.
dictions, as Maersk Developer will become the provides update on The Company is also providing the follow-
first of our rigs to operate offshore Suriname,” ing update on material business developments
says COO Morten Kelstrup of Maersk Drilling. timing of Q1-2020 since the date of the Company’s last press release
The Maersk Developer is a DSS-21 col- of May 31, 2020, which disclosed that the Com-
umn-stabilised dynamically positioned quarterly filings pany would be relying on the Alberta Order: On
semi-submersible rig, able to operate in water June 2, 2020, the Company announced the filing
depths up to 10,000 feet (3,048 metres). It is Arrow Exploration provides the following cor- of its 2019 year-end audited financial statements
currently warm-stacked in Aruba after ending porate update. and MD&A, and the filing of its 2019 year-end
its latest contract offshore Trinidad and Tobago. Due to logistics and delays caused by the reserve report; on June 9, 2020, the Company
Maersk Drilling, June 30 2020 COVID-19 virus, Arrow is relying on the exemp- announced that it was unaware of any material
tion provided in Alberta Blanket Order 51-517 change in the Company’s operations that would
Temporary Exemption from Certain Corporate account for the increase in market activity
COMPANIES Finance Requirements of the Alberta Securities preceding the announcement; and on June 12,
Commission and similar exemptions provided 2020, the Company announced an update on a
Echo Energy announces by the other securities commissions to postpone proposed private placement, option grant and its
the filing of the following continuous disclosure strategic review.
Argentina commercial documents: the Company’s Unaudited Finan- About Arrow Exploration: Arrow Explora-
cial Statements for the quarter ended March tion (operating in Colombia via a branch of its
update on gas sales 31, 2020, as required by section 4.2 of National 100% owned subsidiary Carrao Energy) is a pub-
Instrument 51-102 – Continuous Disclosure licly-traded company with a portfolio of premier
from Santa Cruz Sur Obligations;and the Company’s Management Colombian oil assets that are under-exploited,
Discussion & Analysis for the quarter ended under-explored and offer high potential growth.
Echo Energy, the Latin American-focused March 31, 2020, as required by section 5.1(2) of The Company’s business plan is to expand oil
upstream oil and gas company, has provided a NI 51-102. production from some of Colombia’s most active
commercial update regarding the Company’s gas According to the Alberta Order during the basins, including the Llanos, Middle Magdalena
sales from the producing assets at SantaCruz Sur. period from March 23, 2020, to June 1, 2020, a Valley (MMV) and Putumayo Basin.
Further to the announcement made on person or company required to make certain The asset base is predominantly operated
May 20, 2020, the Company confirms that it filings as described in the Alberta Order has an with high working interests, and the Brent-
has secured further extensions to existing con- additional 45 days from the deadline otherwise linked light oil pricing exposure combines with
tracts with two key gas customers for a further applicable under Alberta securities laws to make low royalties to yield attractive potential oper-
six months until December 17, 2020. These two the filing. Arrow expects to file the Documents ating margins. Arrow’s seasoned team is led by
extensions provide a weighted average con- by no later than July 14, 2020. a hands-on and in-country executive team sup-
tracted gas sales price of $4.37 per mmBTU Until the Company has filed the Documents, ported by an experienced board. Arrow is listed
(where applicable, converted using the official members of the Company’s management and on the TSX Venture Exchange under the symbol
exchange rate of the Government of Argentina) other insiders are subject to an insider trad- AXL.
for combined net sales volume of 5.6mn cubic ing black-out period as per its internal Insider Arrow Exploration, June 29 2020

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