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Arrow Announces Second Ubaque Horizontal Well Results
CNB HZ-3 on production Calgary, Alberta--(Newsfile Corp. - July 31, 2024) - Arrow Exploration Co...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\nArrow Announces Second Ubaque Horizontal Well ResultsCNB HZ-3 on productionCalgary, Alberta--(Newsfile Corp. - July 31, 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-3The second of the Ubaque horizontal wells planned for 2024 is now on production. The second horizontal well on the Carrizales Norte \"B\" pad (CNB HZ-3) is exceeding expectations and is being restricted to a current flow rate of 3,038 BOPD gross (1,519 BOPD net to Arrow) with less than 6.5% 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-3 was spud on July 4, 2024, and reached a target depth of 8,457 feet (true vertical depth) on July 18, 2024. The well was drilled to a total measured depth of 12,320 feet with a horizontal section of approximately 3,050 feet. CNB HZ-3 came on production on July 26, 2024, with the use of an electric submersible pump (ESP) and, based on initial results, has displayed the same reservoir characteristics as CNB HZ-1. CNB HZ-1The CNB HZ-1 is continuing to perform above expectations and is being restricted to a current flow rate of 2,220 BOPD gross (1,110 BOPD net to Arrow) with approximately 34% water cut. CNB HZ-1 average production for the first 30 days of production (IP30) was 2,650 BOPD gross (1,325 net). Drilling Time and CostsFrom spud to rig release the CNB HZ-1 took 30 days and cost approximately $4.9 million gross ($2.45 million net to Arrow). The CNB HZ-1 well paid out in under 30 days. Drilling operations at the CNB HZ-3 well took 21 days from spud to on production and cost approximately $4.0 million gross ($2.0 million net to Arrow). The improvement represents the learnings taken from CNB HZ-1 as the operations team continues to focus on improving capital and op...