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(Alliance News) - Arrow Exploration Corp on Wednesday said the CNB HZ-well 1 in Colombia is performing ahead of expectations, while another well as come into production and is also impressing.
Arrow is an oil exploration company with a portfolio of Colombian oil assets. It operates in some of Colombia's most active basins including the Llanos, Middle Magdalena Valley and Putumayo basins.
The CNB HZ-3 well is located in the Carrizales Norte field on the Tapir block in the Llanos basin of Colombia. CNB HZ-3 is the second of two horizontal wells planned for 2024.
Arrow said CNB HZ-3 is "exceeding expectations", and reported it has been restricted to a current gross flow rate of 3,038 barrels of oil per day. It is the second horizontal well at Carrizales Norte.
The first, CNB HZ-1, continues to perform above expectations. Its average gross production for the first 30 days of production was 2,650 barrels of oil per day.
Arrow noted it has now moved the rig to the fourth cellar on the Carrizales Norte B pad, where the company has spud the third horizontal well, CNB HZ-4.
Looking ahead, Arrow said it has plans to drill the fourth horizontal well in the B pad, followed by the Baquiano-1 exploration well.
Chief Executive Officer Marshall Abbot commented: "The continued success of the horizontal well program at the CNB pad, has led the Company to plan two additional horizontal wells which Arrow intends to drill before the end of 2024, depending on technical aspects and regulatory approvals. This will result in a total of six horizontal wells at Carrizales Norte in 2024 with additional horizontal wells being planned in 2025 from a third pad. The horizontal program continues to exceed expectations and to add production and reserves from the hydrocarbon-dense Ubaque formation. The Arrow team strives to reduce the time and costs needed to drill horizontal and vertical wells. Internally generated development drilling and completion strategies will be used to exploit further prospects on the Company's land holdings."
Arrow shares were up 10% to 31.74 pence each in London on Wednesday afternoon.
By Lydia Doye, Alliance News reporter
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