(Alliance News) - Arrow Exploration Corp on Friday said it found seven hydrocarbon bearing intervals totalling 58 net feet of oil pay at its RCE-3 well on the Tapir block in Colombia.
The Calgary, Canada-based asset manager focused on Colombian hydrocarbon basins said the well is currently producing from the C7-A and C7 Stringer zones, with a natural flow rate equivalent to 2,000 barrels of oil per day for four hours, after unloading kill fluid.
Arrow Exploration added that in the last 24 hours, the well has produced at a rate of 968 bopd gross, or 484 bopd net of oil at 28.5 API. API is "a specific gravity scale developed by the American Petroleum Institute (API) for measuring the relative density of various petroleum liquids, expressed in degrees," Arrow explained.
Chief Executive Officer Marshall Abbott said: "RCE-3 is currently flowing better than expected. The company is choking the well back in an effort to manage the reservoir and discourage premature water production. Arrow plans to engage the pump and slowly increase production once the well has stabilized."
"The continued strong production rates from existing tied-in wells combined with the encouraging results from new wells in Colombia continues to provide us with confidence that our objective of achieving a production rate of 3,000 barrels of oil equivalent per day within 18 months of the AIM listing can be achieved."
The company started trading on the AIM in late October 2021.
Arrow Exploration shares were 5.0% higher at 19.95 pence each in London on Friday afternoon.
By Tom Budszus, Alliance News reporter
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Arrow Explor. (AXL)
