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(Sharecast News) - Arrow Exploration announced the successful completion of the Rio Cravo Este-3 well on Friday, an appraisal and development well on the Tapir Block in the Llanos Basin of Colombia.
The AIM-traded company said the well was drilled to a total measured depth of 8,880 feet, or 8,087 feet true vertical depth, and encountered seven hydrocarbon bearing intervals totalling 58 net feet of oil pay.
It said the RCE-3 well targeted a three-way fault bounded structure with multiple high-quality reservoir objectives.
The well was completed in the C7-A and C7 Stringer zones, and was currently producing from those zones.
A submersible pump had been inserted but not turned on, with the firm reporting that the well flowed naturally at rates equivalent to 2,000 barrels of oil per day gross for four hours after unloading kill fluid.
Arrow said the well was currently being choked back with an 18/168 choke and, in the last 24 hours, had produced at a rate of 968 barrels per day gross, or 484 daily barrels net, of oil at 28.5 degrees API, and with a 0% water cut.
"We are very encouraged by the initial production of RCE-3, the fourth well on the Tapir block," said chief executive officer Marshall Abbott.
"The well was completed in the C7-A and C7 Stringer zones with additional zones currently behind pipe.
"RCE-3 is currently flowing better than expected."
Abbott said Arrow was choking the well back in an effort to manage the reservoir and discourage premature water production, adding that it was planning to engage the pump and slowly increase production once the well had stabilised.
"The continued strong production rates from existing tied-in wells combined with the encouraging results from new wells in Colombia continues to provide us with confidence that our objective of achieving a production rate of 3,000 boe/d within 18 months of the AIM listing can be achieved.
"This is an exciting time for Arrow, and we look forward to providing further updates on our progress."
At 1304 GMT, shares in Arrow Exploration Corporation were up 3.03% at 19.58p.
Reporting by Josh White for Sharecast.com.
