Arrow Announces CN-2 Well Results Exceed Expectations in Ubaque Formation

About this update from Arrow Exploration Corp.

[{"type":"text","content":"Arrow Announces CN-2 Well Results Exceed Expectations in Ubaque FormationCN-2 well now on productionCalgary, Alberta--(Newsfile Corp. - July 27, 2023) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) (\"Arrow\" or the \"Company\"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on the operational activity at the Carrizales Norte (\"CN\") field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50% beneficial interest. CN-2 WellThe CN-2 well was spud on June 15, 2023, and reached target depth on June 23, 2023. The well was drilled to a total measured depth of 9,474 feet (8,582 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.Arrow has completed testing the CN-2 well in the Ubaque formation which has approximately 60 feet of net oil pay. The pay zone is a clean sandstone exhibiting consistent 26% porosity, four Darcy permeability and high resistivities from top of sand to base of sand. An electric submersible pump (ESP) was inserted in the well after perforating.The logs responses from the Ubaque formation are very similar in both CN-1 and CN-2 wells. Due to this, the Company made the decision to proceed directly to the perforation and well production of the Ubaque in CN-2. Company drilling targets and recompletion opportunities in the future. Specific data for the initial production from the Ubaque formation are as follows:The well initiated production with a flow rate of 1,012 barrels of fluid per day.After 31 hours of production, the water cut stabilized at 3%.Measured oil from the Ubaque formation shows an API gravity of 13.6°.To efficiently manage the reservoir, the ESP is currently running at 30 Hz, minimum optimum pump frequency, and a 128/128 choke size is being used. The CN-2 well is currently on production, producing from the Ubaque formation at 680 BOPD gross (340 BOPD net). Build-up analysis indicates the well can produce at 1,400 BOPD gross at a consistent producible rate. However, Management's intention is to produce the well conservatively, at current rates, to ensure the highest estimated ultimate recovery (EUR). This provides significant operational flexibility.The CN-2 well also tested the C7 formation where early water production resulted in the Company making the decision to mov...

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