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Arrow Announces Reaching Target Depth on the RCE-5 Well
Production zones identified Calgary, Alberta--(Newsfile Corp. - April 3, 2023) - Arrow Explorati...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces Reaching Target Depth on the RCE-5 WellProduction zones identifiedCalgary, Alberta--(Newsfile Corp. - April 3, 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-5 (\"RCE-5\"), a development well on the Rio Cravo oil field within the Tapir Block in the Llanos Basin of Colombia, and is providing an operations update.RCE-5 UpdateThe RCE-5 well reached total depth on March 29, 2023. The well was drilled to a total measured depth of 10,200 feet (8,100 feet true vertical depth) and encountered six hydrocarbon bearing intervals totaling 90 net feet of oil pay (measured depth).The following hydrocarbon bearing intervals have been identified:Carbonera C7: 36 feet net oil pay over two intervalsLower Gacheta: 54 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-5 well will begin production in early April 2023. The rig will then be moved to the Carrizales Norte-1 (CN-1) location with the intention that CN-1 will spud late April or early May.RCE-3 and RCE-4 UpdateAt RCE-3, the submersible pump has been engaged and the well is currently producing at 800 BOPD gross (400 BOPD net) with 10% watercut. Plans are 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. RCE-4 continues to flow naturally at 700 BOPD gross (350 BOPD net) with 1% watercut. Marshall Abbott, CEO of Arrow, commented:\"RCE-5 was drilled under budget and on time. The team continues to become more experienced in the play and this is resulting in cost and time savings. The net pay encountered in RCE-5 is one of the largest to date in the RCE field. We now have six wells drilled into the RCE structure and a very good understanding of the distribution of the various oil-bearing reservoirs we have encountered.\"We're currently completing the C7 zone at RCE-5, targeting to be on stream in early April. These wells continue to increase Arrow's production and reserves. Arrow will bring RCE-5 on slowly and increase produ...