(Alliance News) - Arrow Exploration Corp on Monday said results from well testing at the Tapir Block in Colombia were ahead of expectations, with additional zones identified.
Shares in Arrow Exploration were up 15% at 16.75 pence on Monday morning in London.
The Rio Cravo Sur-1 well was drilled to a total measured depth of 8,656 feet and encountered six hydrocarbon bearing intervals totalling 55 net feet oil pay.
Arrow cautioned, however, that the results were not "necessarily indicative of long-term performance or ultimate recovery".
Nonetheless, the company said it intends to bring RSC-1 online slowly and increase production to manage the oil reservoir.
Chief Executive Marshall Abbott said: "We're encouraged by the material results of RCS-1, the third well on the Tapir block. RCS-1 identified new zones for further exploitation with flowing results returning better than expected."
By Heather Rydings; heatherrydings@alliancenews.com
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Arrow Explor. (AXL)