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(Alliance News) - Arrow Exploration Corp on Tuesday said it reached total depth on drilling the Rio Crave Este-3 appraisal well in the Tapir block in Colombia on Thursday last week.
The Colombian hydrocarbon basins-focused asset manager and operator said the well was drilled to a total measure depth of 8,880 feet and encountered seven hydrocarbon bearing intervals totalling 58 net feet of oil pay.
It said the following hydrocarbon bearing intervals have been identified: at Carbonera C7, with 19 feet net oil pay over three intervals; and at Lower Gacheta, with 39 feet net oil pay over four intervals. It noted that interval thicknesses are not necessarily indicative of long-term performance or ultimate recovery.
Arrow Exploration expects that the RCE-3 well will begin in early March, at which point the rig will be moved to the RCE-4 location, intending to spud the well within two days of RCE-3 being brought on production.
"Arrow's current production is providing positive cashflow for the company during a high commodity price environment. Continued strong production rates from existing tied-in wells combined with the encouraging results from new wells in Colombia support the company's objective of achieving a production rate of 3,000 barrels of oil equivalent per day within 18 months of its AIM listing (completed in October 2021). This is an exciting time for Arrow, and we look forward to providing further updates on our progress," said Chief Executive Officer Marshall Abbott.
In other operations, Arrow said it completed construction of the road, pad and cellars for the three planned Carrizales Norte wells. The wells are expected to be drilled immediately following RCE-5 and mobilisation of the rig to the new CN pad, it said.
Arrow said surveying operations are ongoing within the 134 square kilometre 3D seismic project on the Tapir block, with equipment testing set to commence this week, anticipating recording operations to start in early March and data acquisition is scheduled for completion in April.
It added the Capella field, which Arrow has a 10% interest in, has been shut since February 7 due to road blocks and protests in the immediate areas. It said discussions are continuing with representatives from the government, protesters and the field operator, with management seeking solutions to help resolve the protesters' concerns.
Arrow's share of the Capella field production is approximately 280 barrels per day.
Shares in Arrow were flat at 18.51 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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