IN BRIEF: Arrow Exploration "encouraged" by Icaco 1 well log results

Arrow Exploration Corp - Colombia-focused oil producer - Updates on operational activity at the Icaco field on the Tapir Block in the LLanos Basin of Colombia. Says the Icaco 1 exploration well was spud on May 5, reaching target depth four days later, and adding that it was drilled on tike and under budget to a total measured depth of 7,800 feet. Notes that "multiple" hydrocarbon-bearing intervals were encountered. Reports that log analysis showed 30 feet of pay in the Carbonera C7 formation, 15 feet in the Gacheta formation along with 26 feet in the Ubaque formation. Adds that it plans to production test the IC-1 well in the three formations that are hydrocarbon-bearing on petrophysical analysis.

"We are very encouraged by the well log results of the Icaco 1 exploration well. The upcoming tests, and any subsequent development wells, will give Arrow an indication of the magnitude of the discovery. These initial drilling results are better than we anticipated and display once again the hydrocarbon density of the Tapir Block," says Chief Executive Marshall Abbott.

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By Christopher Ward, Alliance News reporter

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