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(Alliance News) - Arrow Exploration Corp on Tuesday said it has completed a production test on its CN-1 well, achieving a peak rate of 1,222 barrels of oil per day.
The Calgary, Canada-based oil and gas company with projects in Colombia and Canada said the well, which was drilled to its target depth of 9,190 feet between May 1 and May 11, encountering 148 feet of net oil pay.
The company added that it has completed its first test on the well, indicating 58 feet of net oil pay in the Ubaque formation. The firm noted that the production test recorded 23 hours at 491 barrels of oil per day, 18 hours at 861 barrels and 17 hours at 1,134 barrels.
The peak rate during testing was 1,222 barrels, and the final stabilised rate was 1,134 barrels.
The firm said that once the CN-1 well is brought on stream, the CN-2 well will be drilled immediately.
Chief Executive Marshall Abbott said: "The Carrizales Norte-1 discovery and the Ubaque test are extremely important and material events for Arrow. The Ubaque test - the first on the Carrizales Norte field - shows that oil from the formation can be produced at high rates using conventional means. The test is further evidence of the potential of the Tapir block in the prolific Llanos Basin".
"After a brief flow and pressure build-up on the Ubaque, Arrow plans to completion test additional pay zones in the Gacheta and C7 reservoirs over the coming weeks and then make a decision on which zone to bring on production initially."
Arrow Exploration shares rose 1.4% to 24.85 pence each in London on Tuesday afternoon.
By Harvey Dorset, Alliance News reporter
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