Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) said on Tuesday it has successfully reached target depth at its Alberta Llanos-1 (AB-1) exploration well on the Tapir Block in Colombia's Llanos Basin, following drilling with the contracted Petroworks rig.
The well, which was spud at the end of November, reached a measured depth of 9,960 feet on December 13, targeting a large, three-way fault-bounded structure with multiple reservoir objectives.
Initial log interpretations indicate the AB-1 well has encountered four hydrocarbon-bearing reservoirs — the C7, Gacheta, Guadalupe, and Ubaque — with a total true vertical depth of 121 feet, Arrow said.
Production testing is set to begin shortly.
"We're extremely pleased with the log results on the exploration well at the Alberta Llanos prospect on the Tapir Block,” said Arrow CEO Marshall Abbott.
“The success of this well could result in additional production, additional reserves and a new core area for Arrow with additional follow up development wells.”
Abbott highlighted significant potential for horizontal well exploitation in the Ubaque and Guadalupe reservoirs. The company plans to put AB-1 into production before immediately moving the rig to drill a follow-up well, AB-2, to further evaluate the discovery.
Calgary, Alberta-based Arrow is a high-growth operator with assets across key Colombian hydrocarbon basins.