- Arrow Exploration is restarting production at its Capella Field in the Caguan-Putumayo Basin, Colombia
- Production resumed on March 20th, 2021
- The Capella Field is located within a heavy oil trend that extends from Venezuela, through Colombia and into Ecuador
- The company expects the field to reach a peak production rate of approximately 1,400 barrels per day gross during the week of April 26th
- Arrow Exploration Corp. is unchanged on the day, with shares of the company trading at C$0.10 at 1:28 pm ET
Arrow Exploration is restarting production at its Capella Field in the Caguan-Putumayo Basin, Colombia.
Through its wholly-owned subsidiary Carrao Energy S.A., Arrow Exploration holds a 10 per cent working interest in the Ombu Block, which contains the Capella Field.
The Capella Field is located within a heavy oil trend that extends from Venezuela, through Colombia and into Ecuador.
The field resumed production on March 20th, and the rate of production has steadily increased since then to 1,029 barrels per day.
The company expects the field to reach a peak production rate of approximately 1,400 barrels per day gross during the week of April 26th.
Capella was shut-in during the first quarter of 2020 due to several factors including very low Brent Crude oil prices. Following the recovery of Brent Crude oil prices since April 2020, during the first quarter of 2021 the company elected to resume production at Capella.
Arrow Exploration (operating in Colombia via a branch of its 100 per cent owned subsidiary Carrao Energy S.A.) is a publicly-traded company with a portfolio of premier Colombian oil assets that are under-exploited, under-explored and offer high potential growth.
Arrow Exploration Corp. is unchanged on the day, with shares of the company trading at C$0.10 at 1:28 pm ET.
