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Arrow Exploration Corp. Announces Commercial Discovery at Rio Cravo Este
Arrow Exploration Corp. Announces Commercial Discovery at Rio Cravo Este Canada Ne...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"\n\n\n\nArrow Exploration Corp. Announces Commercial Discovery at Rio Cravo Este\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, June 10, 2019\n\n\n\nCALGARY, June 10, 2019 /CNW/ - ARROW Exploration Corp. (\"Arrow\" or the \"Company\") (TSXV: AXL) is pleased to announce test results of the Rio Cravo Este-1 (\"RCE-1\") exploration well located on the Tapir Block in the Llanos Basin of Colombia. RCE-1 was spud on April 25, 2019 and reached a total depth of 10,000 feet measured depth (\"ft md\") within the Ubaque Formation. As announced on May 15th, the well encountered 103 feet of net oil pay (true vertical depth) with most of the pay indicated on logs within the C7, Gacheta, and Ubaque formations.  The RCE-1 exploration well was perforated and tested over a 12-foot interval (true vertical depth) in the 'C7 A' Sand. An 11-day clean-up and production test period commenced May 30 at 09:00 hours and was concluded June 9 at 08:00 hours. Oil production over the test period averaged 613 barrels per day (\"bbl/d\") of 28.3 API oil at a 46.5% water cut over a range of choke sizes.  A peak oil rate of 1,172 bbl/d was recorded and the well did not produce any natural gas during the production test. \nJack Scott, Chief Operating Officer, stated, \"We're very pleased with our RCE-1 test results. Arrow has now gone two for two on exploration wells since forming the company with our success on Danes-1 late last year and current success on RCE-1. RCE-1 was an earn-in commitment well with an accelerated payback provision which means we're able to recover $3 million of the cost of the well from 50% of our partner's working interest barrels. Next steps include carrying out a pressure build-up test and putting the well on continuous production from the C7 Sand.\"\nTapir Block Forward Plans\nAfter the drilling and completion of RCE-1, Arrow has fulfilled its commitment to earn a 50% working interest in the Tapir Block, which has no further work commitments or land expiries for 20 years. However, given the amount of net pay encountered in RCE-1 and the map...