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Arrow Announces First Ubaque Horizontal Well Results
CNB HZ-1 now on production Calgary, Alberta--(Newsfile Corp. - June 19, 2024) - Arrow Exploratio...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces First Ubaque Horizontal Well ResultsCNB HZ-1 now on productionCalgary, Alberta--(Newsfile Corp. - June 19, 2024) - 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 operational activity, particularly at the multi horizon, Carrizales Norte (\"CN\") field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest. CNB HZ-1Arrow has put on production the first of four Ubaque horizontal wells planned for 2024. The first horizontal well on the Carrizales Norte \"B\" pad (CNB HZ-1) is exceeding expectations and is being restricted to a current flow rate of 3,150 BOPD gross (1,575 BOPD net to Arrow) with less than 1% water cut while still recovering load fluid. Please note initial production flows are not necessarily indicative of long-term performance or ultimate recovery and a stabilized production rate will be determined in the first few weeks of operations, in keeping with conservative reservoir management. Further updates will be provided in due course. CNB HZ-1 was spud on May 14, 2024, and reached target depth on 8,448 feet (true vertical depth) on June 7, 2024. The well was drilled to a total measured depth of 11,680 feet with a horizontal section of approximately 2,042 feet. The pay zone is a clean sandstone exhibiting consistent 28% porosity and high resistivities, similar characteristics to those seen in previous wells. Initial reservoir analysis exhibits multi-darcy permeability. An electric submersible pump (ESP) has been inserted in the well and is running at its minimum setting. The well is flowing and has been choked back in keeping with conservative reservoir management as well as ongoing development of adequate water disposal capabilities.Upcoming DrillingThe rig has been moved to the second cellar on the Carrizales Norte B Pad where the Company plans to drill a dedicated water disposal well (CNB-2). Thereafter, the Company expects to drill three additional horizontal wells on the B pad, followed by the Baquiano-1 exploration well, which is on trend with the Carrizales Norte field. The three follow up wells will have longer horizontal sections, which are expected to result in enhanced rate and ultimate re...