Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) surged 10.34% to 24.00p on Wednesday after the company reported encouraging drilling results from the Icaco-1 exploration well on the Tapir Block in Colombia.
The AIM and TSX Venture-listed company said the well encountered multiple hydrocarbon-bearing intervals, potentially adding another commercially viable target to its growing Colombian production portfolio.
Icaco-1 was spudded on May 5 and reached a total measured depth of 7,800 feet just 4 days later, with management noting that the well was completed on schedule and under budget.
Log analysis identified 30 feet of net pay in the Carbonera C7 formation, alongside 15 feet in the Gacheta formation and 26 feet in the Ubaque formation.
The company plans to production test all three formations over the coming weeks before releasing further results following testing and well clean-up operations.
Chief Executive Marshall Abbott described the early drilling outcome as “better than anticipated” and said the data gathered from testing would help determine the overall scale of the discovery.
Arrow currently holds a 50% beneficial interest in the Tapir Block, which has become a core growth asset for the company. Management noted that five successful exploration wells across the block have already supported the drilling of 40 development wells.
