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(Alliance News) - Arrow Exploration Corp on Monday said drilling has been completed at the RCE-4 well in its RCE oil field in the Tapir Block, Colombia.
The Calgary, Canada-based asset manager focused on Colombian hydrocarbon basins said drilling at the RCE-4 well has encountered six hydrocarbon bearing intervals, totalling 45 net feet of oil pay.
The company said it identified 25 feet of net oil pay across two intervals in Carbonera C7, and 20 net feet of oil pay over four intervals at Lower Gacheta.
Drilling operations began on the RCE-4 well on March 1, with the well having reached total depth, 8,546 feet, on March 8.
Arrow noted that it expects to begin production at RCE-4 in late March, when the rig will then be moved to RCE-5, with the intention being to begin drilling at RCE-5 within days of RCE-4 beginning production.
The RCE-3 well continues to flow at 650 barrels of oil per day, with no drop in pressure, the company said. It intends to activate a submersible pump to increase production, with the same approach to be applied to RCE-4 and RCE-5.
Chief Executive Officer Marshall Abbot said: "RCE-4 was drilled quicker than any other well on the Rio Cravo structure to date. The team's growing experience with the play is resulting in more efficient operations and lower costs. The log results of RCE‑4 are in line with our expectations for the well. This is the fifth well drilled by Arrow on the Tapir block and it has confirmed the continuity of oil-bearing intervals seen in adjacent wells.
"The results of the RCE-3 and RCE-4 wells, together with our confidence in the outcome of the RCE-5 well and our upcoming program at Carrizales Norte, provide us with confidence that we will achieve the stated objective of achieving a production rate of 3,000 boepd within 18 months of its AIM listing (completed in October 2021)."
Arrow Exploration shares fell 1.3% to 18.11 pence each in London on Monday morning.
By Harvey Dorset, Alliance News reporter
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