- Arrow (AXL) has unveiled test data from the RCS-1 well including new hydrocarbon-bearing zones
- The new Carbonera C7B zone tested for a peak rate of 1,872 bopd (net 936 bopd) of 30 API crude
- The company is enjoying positive cash flow and believes it can produce 3,000 boe/d by early 2023
- Arrow Exploration operates a portfolio of premier Colombian oil assets
- Arrow (AXL) is up by 8.89 per cent trading at $0.245 per share
Arrow (AXL) has unveiled test data from the RCS-1 well including new hydrocarbon-bearing zones.
The Rio Cravo Sur-1 (RCS-1) well is located on the Tapir Block in Colombia’s Llanos Basin. The company spud the well on May 23, 2022.
RCS-1, which came in under budget, targeted a three-way fault-bounded structure with multiple high-quality reservoir objectives. Drilling reached a total measured depth of 8,656 feet (8,105 feet true vertical depth) encountering six hydrocarbon-bearing intervals comprised of 55 net feet of oil pay.
Highlights from the newly isolated zones
- Carbonera C7B tested for a peak rate of 1,872 bopd (net 936 bopd) of 30 API crude. Testing lasted for 33 hours averaging 1,076 bopd (net 538 bopd). The company has since put C7B into production
- Ubaque tested for a peak rate of 184 bopd (net 92 bopd) of 12-13 API crude.
Testing lasted 38.5 hours averaging 33 bopd (net 16.5 bopd)
The company’s current production is providing positive cash flow in a high commodity price environment. It is confident in achieving a production rate of 3,000 boe/d by early 2023.
“We’re encouraged by the material results of RCS-1, the third well on the Tapir Block,” stated Marshall Abbott, Arrow’s CEO. “We’re currently completing the C7B zone, targeting to be on stream this week. This increases Arrow’s production and reserves. The company intends to bring RCS-1 on slowly and increase production to best manage the oil reservoir.”
Arrow Exploration operates a portfolio of premier Colombian oil assets.
Arrow (AXL) is up by 8.89 per cent trading at $0.245 per share as of 3:11 pm EST.