(Alliance News) - Arrow Exploration Corp on Tuesday said that the Ubaque formation at Carizzales Norte in Colombia continued "to exceed expectations."
The oil and gas company with projects in Colombia and Canada said that the CN-4 well was spud in mid-January, reaching target depth later that month.
It added that it completed the well in the Ubaque formation with 29 feet of true vertical depth net oil pay.
Further, the CN-5 well was spud in early February to test the Carrizales Noroeste prospect, reaching a total depth of 9,050 feet true vertical depth in mid-February. The well is anticipated to "add significantly" to the existing Ubaque oil reserves, Arrow Exploration said.
Chief Executive Officer Marshall Abbott said: "With both the RCE and CN fields, management plans to control pump speed and choke wells back to efficiently manage the reservoir and discourage premature water production. Arrow believes this is in the best long-term interest of the reservoir and will maximize recovery from both fields.
"There is strong momentum at Arrow, as we continue with our fully funded, low risk drilling program across our extensive portfolio. The CN-4 and CN-5 wells have successfully increased production and are expected to add materially to reserves. Alongside this, we are encouraged by the number of prospects the Tapir 3D seismic has outlined and the drilling inventory it has provided."
Arrow Exploration shares rose 5.0% to 21.01 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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Arrow Explor. (AXL)