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Arrow Exploration Corp - Calgary, Canada-based oil and gas company - Says Rio Cravo Este-2 well was brought on production on May 23, and well Rio Cravo Sur-1 has been successfully spud at the same date in the Tapir Block of Rio Cravo Este 2 area, in the Llanos Basin of Colombia. RCS-1 is currently drilling ahead at 1,500 feet, expected to reach a total depth of 8,700 feet. RCE-2 initially produced at high rates before it developed a water cut. It is currently being managed at reduced rates of 1,000 barrels of oil per day, Arrow says, or 500 barrels net to Arrow. This is ahead of Arrow's forecasts of 360 barrels net. The well is expected to payout in less than six months, it says.
"We are encouraged with the results of the RCE-2 well, which add materially to our production, reserves and cashflow. Building on this momentum, we have successfully spud the RCS-1 well, and look forward to providing the results of the zone testing once drilling is complete. We expect that this new well will further increase our production rates, producing additional positive cashflow and reserves for Arrow during an ongoing high commodity price environment," says Chief Executive Officer Marshall Abbott.
Also reports first quarter results, saying its net loss widened to USD5.4 million in the three months that ended March 31 from USD510,405 a year before. On an adjusted earnings before interest, tax, depreciation and amortisation basis, Arrow swung to positive USD562,284 from negative USD172,417.
Current stock price: 16.38 pence, down 9.5% on Monday
12-month change: more than doubled from 7.88p
By Elizabeth Winter; elizabethwinter@alliancenews.com
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