TIDMAXL
RNS Number : 7408R
Arrow Exploration Corp.
03 March 2023
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
ARROW ANNOUNCES RCE-3 WELL UPDATE
RCE-3 producing from the C7-A and the C7 Stringer
CALGARY, March 3, 2023 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company") is pleased to provide an
update on the Rio Cravo Este-3 well ("RCE--3"), an appraisal /
development well on the Tapir Block in the Llanos Basin of
Colombia.
RCE-3
The RCE-3 well was spud on February 8, 2023 and reached target
depth on February 16, 2023. RCE--3 targeted a 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 8,880 feet (8,087 feet true
vertical depth) and encountered seven hydrocarbon bearing intervals
totaling 58 net feet of oil pay.
The well was completed in the C7-A and C7 Stringer zones and the
well is currently producing from those zones. A submersible pump
has been inserted but not turned on. The well flowed naturally at
rates equivalent to 2,000 BOPD gross for four hours after unloading
kill fluid. The well is currently being choked back with a 18/168
choke and, in the last 24 hours, it has produced at a rate of 968
BOPD gross (484 BOPD net) of oil at 28.5 API and with a 0% water
cut. The Company will provide a further update on production rates
in due course.
Initial production results are not necessarily indicative of
long-term performance or ultimate recovery.
Marshall Abbott, CEO of Arrow commented:
"We are very encouraged by the initial production of RCE-3, the
fourth well on the Tapir block. The well was completed in the C7-A
and C7 Stringer zones with additional zones currently behind
pipe."
"RCE-3 is currently flowing better than expected. The Company is
choking the well back in an effort to manage the reservoir and
discourage premature water production. Arrow plans to engage the
pump and slowly increase production once the well has
stabilized."
"The continued strong production rates from existing tied-in
wells combined with the encouraging results from new wells in
Colombia continues to provide us with confidence that our objective
of achieving a production rate of 3,000 boe/d within 18 months of
the AIM listing can be achieved. This is an exciting time for
Arrow, and we look forward to providing further updates on our
progress."
The RCE-3 well costs came in under budget and was the quickest
well drilled to date on the block.
RCE-4 and RCE-5 Wells
The RCE-4 well was spud on March 1, 2023 and is currently
drilling. Expectations are that the RCE-4 well will be complete and
brought on production towards the end of March. Plans are then to
skid the rig to the RCE-5 location and begin drilling.
Capella Field
The Capella field continues to be shut in and discussions
between the government, protesters and the operator are ongoing.
The Company hopes for a quick resolution of the protesters'
concerns.
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 + 44 (0)7711 627449
Rupert Holdsworth Hunt
Camarco (Financial PR)
Georgia Edmonds +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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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.
This Announcement contains inside information for the purposes
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