TIDMAXL
RNS Number : 9069L
Arrow Exploration Corp.
18 May 2022
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Arrow Exploration
ARROW ANNOUNCES TEST RESULTS OF RCE-2 WELL
Ahead of expectation well test results, with additional zones
identified
CALGARY, May 18, 2022 - Arrow Exploration Corp. (AIM: AXL; TSXV:
AXL) ("Arrow" or the "Company") is delighted to announce the
results of the Rio Cravo Este-2 ("RCE-2") well testing on the Tapir
Block in the Llanos Basin of Colombia.
The RCE-2 well was spud on April 2, 2022. RCE-2 targeted a
large, three-way fault bounded structure with multiple high-quality
reservoir objectives on the Tapir Block in the Llanos Basin of
Colombia. The well was drilled to a total measured depth of 9,600
feet and encountered six hydrocarbon bearing intervals totaling 90
net feet of oil pay.
Specific production test rates for the isolated zones
(shallowest to deepest) include:
-- Carbonera C7 and C7 Stringer: tested 2,000 bopd (net 1,000 bopd) peak rate of 28 API crude.
The zone was tested for 19 hours at an average rate of 1,199
bopd (net 600 bopd).
-- Gacheta C, C1 and C2: initial testing indicates productive
capacity of 300 bopd (net 150 bopd) rate of 27 API crude. The zone
was tested for 14 hours at an average rate of 115 bopd (net 58
bopd). Reserves have not been assigned to this zone previously.
-- Gacheta D: tested 680 bopd (net 340 bopd) peak rate of 14 API crude.
The zone was tested for 33 hours at an average rate of 362 bopd
(net 181 bopd).
Test results are not necessarily indicative of long-term
performance or ultimate recovery.
Marshall Abbott, CEO of Arrow commented:
"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."
"We're currently completing the C7 zone, targeting to be on
stream early next week. This effectively doubles Arrow's
production. The Company's procedures will be to bring RCE-2 on
slowly and increase production to best manage the oil
reservoir."
"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. Arrow's
current production exceeds 1,000 boe/d, producing positive cashflow
for the Company during a high commodity price environment. This is
an exciting time for Arrow, and we look forward to providing
further updates on our progress."
The RCE-2 well costs came in line with the budget.
Continued strong production rates from existing tied-in wells
combined with the encouraging results from new drills in Columbia
support the Company's objective of achieving a production rate of
3,000 boe/d within 18 months of its AIM listing (completed in
October 2021).
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Joe McFarlane, CFO +1 403 818 1033
Brookline Public Relations, Inc.
Shauna MacDonald +1 403 538 5645
Canaccord Genuity (Nominated Advisor
and Joint Broker)
Henry Fitzgerald-O'Connor
James Asensio
Gordon Hamilton +44 (0)20 7523 8000
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
underexploited, 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.
Glossary
API: A specific gravity scale developed by the American
Petroleum Institute ( API ) for measuring the relative density of
various petroleum liquids, expressed in degrees.
Bopd: barrels of oil per day
boe/d: barrels of oil equivalent per day
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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END
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