Business
Arrow Announces Total Depth Reached on RCS-1 Well
Calgary, Alberta--(Newsfile Corp. - June 8, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: ...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Announces Total Depth Reached on RCS-1 WellCalgary, Alberta--(Newsfile Corp. - June 8, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) (\"Arrow\" or the \"Company\") is pleased to announce a further update on the Rio Cravo Sur-1 (\"RCS-1\") well located on the Tapir Block in the Llanos Basin of Colombia.Spud on May 23, 2022, the RCS-1 well was drilled to a true vertical depth (\"TVD\") of 8,105 feet on June 3rd. The well has been successfully cased and cemented as of June 6th. Initial technical evaluation indicates six separate oil-bearing reservoirs, two of which were not evident in RCE-1 or RCE-2. Cumulative net pay in all zones exceeds 55 feet. The six separate reservoirs were found in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet.Comprehensive testing of these individual zones will commence in the next few days. It is anticipated that each zone will require five days of testing that includes perforating, flowing and shut in for pressure buildup and analysis. The well will be put on production immediately following the testing program.RCE-2 continues to produce at a stabilized rate of 1,000 BOPD (500 BOPD net) from 2 separate reservoir units in the Lower Miocene Carbonera Formation. Four additional zones identified in RCE-2 will ultimately be produced from existing and future wells.Marshall Abbott, CEO of Arrow commented:\"Initial evaluation continues to demonstrate the multi-zone potential of this fault bounded structure. Known zones were penetrated at the highest structural elevations yet. As well, 2 new oil-bearing zones have been identified which will add materially to the overall field development plan.\"For further Information, contact:Arrow ExplorationMarshall Abbott, CEO +1 403 651 5995Joe McFarlane, CFO +1 403 818 1033Brookline Public Relations, Inc. Shauna MacDonald +1 403 538 5645Canaccord Genuity (Nominated Advisor and Joint Broker)Henry Fitzgerald-O'Connor +44 (0)20 7523 8000James AsensioGordon HamiltonAuctus Advisors (Joint Broker)Jonathan Wright (Corporate) +44 (0)7711 627449Rupert Holdsworth Hunt (Broking)Camarco (Financial PR)James Crothers +44 (0)20 3781 8331Rebecca WaterworthBilly CleggAbout Arrow Exploration Corp.Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of p...