Business
Arrow Exploration Announces Operations Update, PDMR Exercise of Options and TVR
Calgary, Alberta--(Newsfile Corp. - December 23, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Exploration Announces Operations Update, PDMR Exercise of Options and TVRCalgary, Alberta--(Newsfile Corp. - December 23, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an operations update and report on the granting and exercise of options by certain Directors and PDMRs. Operations UpdateDrilling Rig Mobilized to Rio Cravo Este Multiwell PadArrow has initiated the drilling rig move to Rio Cravo Este (RCE) to further exploit the Carbonera Sandstone reservoir. Three additional infill wells will be drilled in Q1 2023 with RCE-3 expected to spud in January 2023. RCE-4 and RCE-5 will be drilled in sequence. The drilling rig was initially delayed due to a different operator experiencing operational issues. The infill wells have similar productivity potential to RCE-2 and RCS-1 which are currently producing 850 BOPD net, well above forecasted rates. RCE-2  was paid out in 37 days with an onstream net cost of $4.2MM.Upon completion of the RCE-3, RCE-4 and RCE-5 wells, the Company is contemplating drilling two to three additional wells into the Gacheta Sandstone reservoir in the fault bounded RCE structure. RCE-2 tested rates exceeding 700 BOPD gross from the Gacheta Sandstone. Dedicated Gacheta wells would likely spud in Q3 2023.Arrow has also completed preparation of an additional field to be used for production water dispersion. In combination, the two fields are expected to meet the Company's water disposal requirements until a water disposal well is drilled which is expected mid-2023. Carrizales Norte OperationsEarlier this month Arrow began construction of the road, pad and cellars for the three planned Carrizales Norte (CN) wells which are expected to be drilled sometime between March and June 2023. The road and pad being constructed are being built to meet all weather conditions. This will allow the Company to continue capital activities as well as move production in the summer and winter seasons. The Company is in discussions with a separate drilling company to bring in a second drilling rig to drill CN-1, CN-2 and CN-3. This would advance the drilling of Carrizales Norte by approximately six weeks.3D Seismic Project, Tapir BlockArrow has commenced the 134 square kilometer 3D seismic project on ...