Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors it has spud the Carrizales Norte-1 (CN-1) well at the Tapir Block in the Llanos Basin, Colombia.
Drilling will now proceed to the target depth of 9,205 feet, anticipated by mid-May, and after that it is anticipated that the well will undergo testing – with each test (per zone) taking around five days to complete.
"We're extremely pleased to have spud the first well at Carrizales Norte on the Tapir block,” said Arrow chief executive Marshall Abbott in a statement.
He added: “The success of this well could result in additional production, additional reserves and a new core area for Arrow.
“Should CN-1 prove to be commercially successful, the rig will immediately move to drill CN-2, which is expected to spud in early-June."
Arrow noted that the CN-1 well is targeting a large, three-way fault-bounded structure with multiple high-quality reservoir objectives.