Multiple zones identified
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 update on the drilling of Carrizales Norte 1 (CN-1), an exploration well on the Tapir Block in the Llanos Basin of Colombia.
CN-1 Update
The CN-1 well was spud on May 1, 2023 and reached total depth on May 11, 2023. The well was drilled to a total measured depth of 9,190 feet (8,511 feet true vertical depth) and encountered approximately 148 feet of net oil pay measured depth (128 feet TVD).
The hydrocarbon-bearing intervals are as follows:
· 26 feet of net pay in Carbonera C7 sands. High quality reservoir characteristics are similar to what was encountered in the highly productive Rio Cravo Este (RCE) series of wells.
· 64 feet of net oil pay within the Gacheta formation. Pay sands exhibit excellent reservoir characteristics with oil shows and strong hydrocarbon chromatograph response.
· 58 feet net oil pay within the Ubaque formation. The main pay zone is a very clean, thick and continuous sandstone with excellent reservoir characteristics.
Interval thicknesses are not necessarily indicative of long-term performance or ultimate recovery.
A testing and completion program is under review. Testing will likely begin with the deeper Ubaque, followed by the Gacheta and then the highly porous and permeable C7 reservoirs. Tests will be conducted over the following weeks, with production forecast to commence in early June 2023. The Carrizales Norte-2 (CN-2) well will be drilled immediately upon completion of CN-1.
Marshall Abbott, CEO of Arrow commented:
“The CN-1 discovery is an extremely important and material event for Arrow and is further evidence of the potential of the Tapir block. All primary targets in the well have clear indications of oil pay and have the potential to greatly increase the Company’s reserves and production. Currently there are no reserves booked at the Carrizales Norte field. Apart from the exceptional technical results, the CN-1 well was drilled on time and under budget. Arrow plans to test several zones over the following weeks and then make a decision on which zone to bring on production.
Our expectation is that the CN wells will behave in a similar manner to the RCE wells, quick to payout with triple digit IRRs providing positive cashflow for the Company during a high commodity price environment. This is a very exciting time for Arrow, and we look forward to providing further updates on our progress.”
For further information, contact:
Arrow Exploration
Marshall Abbott, CEO
+1 403 651 5995
Joe McFarlane, CFO
+1 403 818 1033
