Arrow Exploration Corp - Calgary, Canada-based oil and gas company with projects in Colombia and Canada - Starts completion operations at the Carrizales Norte-1 well, an exploration well on the Tapir Block in the Llanos basin of Colombia where Arrow holds a 50% beneficial interest. Expects to proceed with putting the C7A and C7 zones straight on production during the course of next week. Says the rig will move over to spud the Carrizales Norte-2 well after CN-1 being put on production.
Chief Executive Officer Marshall Abbott says: "The Carrizales Norte-1 discovery in both the C7 and Ubaque reservoirs are extremely important and material events for Arrow with both the C7 and Ubaque reservoirs exceeding expectations. These results expand and accelerate the Carrizales Norte development plan beyond three wells. As well, Arrow is planning to complete a new reserve report once the Carrizales Norte 2 and 3 wells have been completed."
Current stock price: 22.50 pence each, down 4.3% on Thursday afternoon in London
12-month change: up 17%
By Xindi Wei, Alliance News reporter
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Arrow Explor. (AXL)
