Arrow Exploration Corporation (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has informed its investors that it has successfully drilled the Rio Cravo Esta-5 well in Colombia to target depth, and has encountered six intervals containing hydrocarbons.
These intervals add up to around 90 net feet of oil pay, with 36 feet of net oil pay recorded in the Carbonera C7 interval and 54 feet in the Lower Gacheta interval.
RCE-5 Update
The RCE-5 well reached total depth on March 29, 2023. The well was drilled to a total measured depth of 10,200 feet (8,100 feet true vertical depth) and encountered six hydrocarbon bearing intervals totaling 90 net feet of oil pay (measured depth).
The following hydrocarbon bearing intervals have been identified:
· Carbonera C7: 36 feet net oil pay over two intervals
· Lower Gacheta: 54 feet net oil pay over four intervals
Interval thicknesses are not necessarily indicative of long-term performance or ultimate recovery.
Arrow’s CEO, Marshall Abbott, stated that the net pay encountered in RCE-5 is one of the largest to date in the RCE field, where six wells have been drilled.
RCE-5 was drilled under budget and on time. The team continues to become more experienced in the play and this is resulting in cost and time savings. The net pay encountered in RCE-5 is one of the largest to date in the RCE field. We now have six wells drilled into the RCE structure and a very good understanding of the distribution of the various oil-bearing reservoirs we have encountered.”
The company anticipates that RCE-5 will begin production in early April 2023, followed by the drilling of the CN-1 well in late April or early May.
Despite lost production at the Capella field, Abbott expects Arrow to exceed 3,000 BOPD in the near future. As a result, Arrow shares opened about 10% higher in London, trading at 17.8p per share.
