Arrow Exploration (AXL ), a Colombia-focused hydrocarbon explorer, updated markets on drilling at its Rio Cravo Este-3 (RCE-3) appraisal well on the Tapir Block in Colombia.
RCE-3 is located within the Rio Cravo Este oil field, on the Tapir Block in the Llanos Basin in Colombia. Arrow said RCE-3 reached a total depth of 8,880 feet on February 16, 2023 and encountered 7 hydrocarbon bearing intervals totaling 58 net feet of oil pay, including Carbonera C7 (19 feet net oil pay over three intervals) and Lower Gacheta (39 feet net oil pay over four intervals).
The RCE-3 well is expected to go into production in early March 2023, after which Arrow plans to move its rig to RCE-4. Arrow expects RCE-4 to spud within two days of RCE-3 going into production.
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Arrow has now reached maximum depth on RCE-3, its 4th well on the Tapir block. The appraisal well yielded good results, encountering 7 hydrocarbon-bearing intervals totaling 58 net feet of oil pay, and confirming continuity of hydrocarbon-bearing intervals seen in adjacent wells. A new pay zone in the Lower Gacheta was also confirmed.
RCE-3 production is scheduled for March 2023, and RCE-4 is scheduled to spud days after. The completion of the C7 zone will notably increase Arrow's production and reserves. Arrow has also completed supporting infrastructure for its three planned Carrizales Norte wells, expected to be drilled immediately following RCE-5.
Arrow is cashflow positive from existing tied-in wells, with revenues expected to rise further after the opening RCE-3 in March and more wells in the following months. Arrow is therefore on track to meet its objective of reaching a production rate of 3,000 boe/d within 18 months of AIM listing (October 2021).
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