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Arrow Announces Reaching Target Depth on the RCE-3 Well, and Operations Update
Production zones identified Calgary, Alberta--(Newsfile Corp. - February 21, 2023) - Arrow Explo...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces Reaching Target Depth on the RCE-3 Well, and Operations UpdateProduction zones identifiedCalgary, Alberta--(Newsfile Corp. - February 21, 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 drilling of Rio Cravo Este-3 (\"RCE-3\"), an appraisal well on the Tapir Block in the Llanos Basin of Colombia, and is providing an operations update.RCE-3 UpdateThe RCE-3 well reached total depth on February 16, 2023. RCE-3 is location within the Rio Cravo Este oil field, located on the Tapir Block in the Llanos Basin of Colombia. The well was drilled to a total measured depth of 8,880 feet (8,087 feet true vertical depth) and encountered seven hydrocarbon bearing intervals totaling 58 net feet of oil pay (measured depth).The following hydrocarbon bearing intervals have been identified:Carbonera C7: 19 feet net oil pay over three intervalsLower Gacheta: 39 feet net oil pay over four intervals Interval thicknesses are not necessarily indicative of long-term performance or ultimate recovery. It is expected that the RCE-3 well will begin production in early March 2023. The rig will then be moved to the RCE-4 location with the intention that RCE-4 will spud within two days of RCE-3 being brought on production.Marshall Abbott, CEO of Arrow commented:\"We're happy with the rig performance and the speed target depth was reached. We are also encouraged by the log results of RCE-3, the fourth well drilled by Arrow on the Tapir block. RCE-3 has confirmed the continuity of oil-bearing intervals seen in adjacent wells, and discovered a potential new pay zone in the Gacheta.\"\"We're currently completing the C7 zone, targeting to be on stream in early March. This will increase Arrow's production and reserves. Following, the Company's procedures, Arrow will bring RCE-3 on slowly and increase production to best manage the oil reservoir.\" \"Arrow's current production is providing positive cashflow for the Company during a high commodity price environment. Continued strong production rates from existing tied-in wells combined with the encouraging results from new wells in Colombia support the Company's objective of achieving a production rate of 3,000 boe/d within 18 months of ...