Arrow Exploration Corp. Further update on RCE-2 Well (5020I)
April 19 2022 - 2:01AM
UK Regulatory
TIDMAXL
RNS Number : 5020I
Arrow Exploration Corp.
19 April 2022
19 April 2022
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Arrow Exploration Corp.
("Arrow" or the "Company")
FURTHER UPDATE ON RCE-2 Well
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) is pleased to
announce a further update on the Rio Cravo Este-2 well ("RCE-2
well") on the Tapir Block in the Llanos Basin of Colombia.
The RCE-2 well was spud on 2 April 2022. The well is targeting a
large, three-way fault-bounded structure with multiple high-quality
reservoir objectives.
As of 14 April, the RCE-2 well was successfully drilled to a
total depth of 9,674 feet (True Vertical Depth) and penetrated
targeted formations at optimal structural elevations. Cumulative
net pay approaches 80 feet over five separate known producing
horizons.
The casing of the well was completed on 18 April, and cementing
is expected to be completed on 20 April, followed by a thorough
production testing program. Testing is expected to take
approximately five days per zone.
Marshall Abbott, CEO of Arrow commented :
"From the data we have, several of the pay zones are attractive
and like the RCE-1 well, we believe more than one pay zone will be
productive."
The Company will continue to provide additional updates on the
RCE-2 well as appropriate.
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Arden Partners (Joint Broker and
Nominated Adviser)
Ruari McGirr / Richard Johnson
(Corporate) +44 (0)20 7614 5900
Seb Wykeham / Simon Johnson (Broking)
Auctus Advisors (Joint Broker)
Jonathan Wright (Corporate) + 44 (0)7711 627449
Rupert Holdsworth Hunt (Broking)
Camarco (Financial PR)
James Crothers +44 (0)20 3781 8331
Rebecca Waterworth
Billy Clegg
About Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia via a branch of
its 100% 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.
The Company's business plan is to expand oil production from some
of Colombia's most active basins, including the Llanos, Middle
Magdalena Valley (MMV) and Putumayo Basin. The asset base is
predominantly operated with high working interests, and the
Brent-linked light oil pricing exposure combines with low royalties
to yield attractive potential operating margins. Arrow's 50%
interest in the Tapir Block is contingent on the assignment by
Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is
led by a hands-on executive team supported by an experienced board.
Arrow is listed on the AIM market of the London Stock Exchange and
on TSX Venture Exchange under the symbol "AXL".
Forward-looking Statements
This news release contains certain statements or disclosures
relating to Arrow that are based on the expectations of its
management as well as assumptions made by and information currently
available to Arrow which may constitute forward-looking statements
or information ("forward-looking statements") under applicable
securities laws. All such statements and disclosures, other than
those of historical fact, which address activities, events,
outcomes, results or developments that Arrow anticipates or expects
may, could or will occur in the future (in whole or in part) should
be considered forward-looking statements. In some cases,
forward-looking statements can be identified by the use of the
words "continue", "expect", "opportunity", "plan", "potential" and
"will" and similar expressions. The forward-looking statements
contained in this news release reflect several material factors and
expectations and assumptions of Arrow, including without
limitation, Arrow's evaluation of the impacts of COVID-19, the
potential of Arrow's Colombian and/or Canadian assets (or any of
them individually), the prices of oil and/or natural gas, and
Arrow's business plan to expand oil and gas production and achieve
attractive potential operating margins. Arrow believes the
expectations and assumptions reflected in the forward-looking
statements are reasonable at this time but no assurance can be
given that these factors, expectations and assumptions will prove
to be correct.
The forward-looking statements included in this news release are
not guarantees of future performance and should not be unduly
relied upon. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
hereof and the Company undertakes no obligations to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Qualified Person's Statement
The technical information contained in this announcement has
been reviewed and approved by Grant Carnie, senior non-executive
director of Arrow Exploration Corp. Mr. Carnie is a member of the
Canadian Society of Petroleum Engineers, holds a B.Sc. in Geology
from the University of Alberta and has over 35 years' experience in
the oil and gas industry.
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