Business
Arrow Exploration Corp.: Spudding of RCE-2 Well and 2022 Corporate Outlook
Calgary, Alberta--(Newsfile Corp. - April 4, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV:...
About this update from Arrow Exploration Corp.
[{"type":"text","content":"Arrow Exploration Corp.: Spudding of RCE-2 Well and 2022 Corporate OutlookCalgary, Alberta--(Newsfile Corp. - April 4, 2022) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) is pleased to announce that the contracted Top Drilling Company rig has spud the Rio Cravo Este-2 (\"RCE-2\") well on the Tapir Block in the Llanos Basin of Colombia. The Company is also pleased to share an update on its 2022 corporate outlook.Marshall Abbott, CEO of Arrow commented:\"We are delighted to have spud the second well at Rio Cravo Este, RCE-2, on the Tapir Block. Following the completion of drilling and testing of the RCE-2 well, the rig will move to the location of our next well, the RCS-1 well (formerly the RCE-3 well), which is expected to spud in early-May.\"In addition, we are pleased to also provide a wider update across our portfolio, which is demonstrative of the significant work we have done to date; but also of the potential which remains. Our production remains strong at over 1,100 boe/d and continues to grow, producing positive cashflow for the Company during a high commodity price environment. \"This is an exciting time for Arrow, and we look forward to providing further updates in due course.\" RCE-2 WellThe RCE-2 well was successfully spud on 2 April 2022. The well is targeting a large, three-way fault-bounded structure with multiple high-quality reservoir objectives. The well is expected to be drilled to a total depth of 8,146 feet (True Vertical Depth).Drilling and casing of the RCE-2 well is expected to take approximately three weeks, followed by completion, and then testing. Depending on the number of zones encountered in the well bore, testing is expected to take approximately five days per zone.The Company will continue to provide additional updates on the RCE-2 and RCS-1 wells as appropriate.2022 Corporate Outlook: ColombiaRio Cravo Este (Tapir Block; Arrow 50% WI)In addition to the RCE-2 and RCS-1 wells, the Company is evaluating the potential for the recompletion of the RCE-1 well in additional zones to increase production. Assuming success at RCE-2 and RCS-1, the Company will evaluate potentially drilling a fourth well (provisionally referred to as the RCE-4 well) at Rio Cravo Este.With regards to RCE-1, three recompletion candidates have been identified, including the upper C7 sand, the Gacheta D sand, and the Gacheta B ...