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Arrow Announces Reaching Target Depth on the RCE-4 Well
Production zones identified Calgary, Alberta--(Newsfile Corp. - March 13, 2023) - Arrow Explorat...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces Reaching Target Depth on the RCE-4 WellProduction zones identifiedCalgary, Alberta--(Newsfile Corp. - March 13, 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 activity at Rio Cravo Este (RCE) on the Tapir Block in the Llanos Basin of Colombia.RCE-4 UpdateThe RCE-4 well was spud on March 1, 2023, and reached total depth on March 8, 2023. RCE-4 is located within the RCE oil field on the Tapir Block in the Llanos Basin of Colombia. The well was drilled to a total measured depth of 8,546 feet (8,053 feet true vertical depth) and encountered six hydrocarbon bearing intervals totaling 45 net feet of oil pay (measured depth).The following hydrocarbon bearing intervals have been identified:Carbonera C7: 25 feet net oil pay over two intervalsLower Gacheta: 20 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-4 well will begin production in late March 2023. The rig will then be moved to the RCE-5 location with the intention that RCE-5 will spud within a few days of RCE-4 being brought on production.RCE-3 UpdateRCE-3 continues to flow naturally at 650 BOPD gross with no pressure drop and zero water cut. We anticipate activating the submersible pump to increase production on a measured conservative basis to achieve balance between maximum production and ultimate recoverable reserves. The same incremental approach will be applied to RCE-4 and RCE-5.Capella Field UpdateMeetings have progressed between the government, protesters and operator regarding the Capella field in the Ombu block. The government has agreed to some of the demands of the protesters and is reviewing other requests. Protesters have been leaving the area. The Capella field continues to be shut in and is currently protected by the Colombia military. Arrow hopes for a safe and quick resolution and return to operations. Marshall Abbott, CEO of Arrow commented:\"RCE-4 was drilled quicker than any other well on the Rio Cravo structure to date. The team's growing experience with the play is resulting in more efficient operations and lower costs. The log results of RCE-4 are i...