- Arrow Exploration Corp. (AXL) has completed well testing on its Tapir Block in the Llanos Basin, Columbia
- The RCE-2 well was tapped to explore a structure that had high-quality reservoir potential
- Drilling went as deep as 9,600 feet and found six structures that contained oil and gas
- Arrow was able to recover 90 net feet of oil pay from these structures
- Its next steps are to complete the C7 zone to help double production
- Arrow Exploration Corp. (AXL) is up 15.55 per cent and is trading at $0.26 per share as of 12:33 p.m. ET
Arrow Exploration Corp. (AXL) has completed well testing on its Tapir Block in the Llanos Basin, Columbia with a successful oil recovery result.
Arrow began tapping the RCE-2 well for oil at the beginning of April focusing on a structure which showed signs of being prosperous reservoir.
“We’re encouraged by the material results of RCE-2, the second well on the Tapir block…. RCE-2 identified new zones for further exploitation with flowing results returning better than expected,” Marshall Abbott, CEO of Arrow, remarked.
Drilling went as deep as 9,600 feet and found six structures that contained oil and gas. Arrow reported it was able to recover 90 net feet of oil pay from these structures.
However, these test results are not a guarantee for the site’s long-term performance or ultimate recovery.
The company stated it is now working on completing the C7 zone which it expects to double production. According to Arrow, its current production is above 1,000 barrels of oil equivalent per day.
“We are now moving the rig to our next well location, the RCS-1 well, which is expected to spud before the end of May,” added Abbott
The costs of drilling the RCE-2 costs were within the company’s projected budget.
The company believes its objective of achieving a production rate of 3,000 barrels of oil equivalent per day within 18 months of its AIM listing is on track due to these recent findings.
Arrow Exploration Corp. (AXL) is up 15.55 per cent and is trading at $0.26 per share as of 12:33 p.m. ET.