Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) provided an update on its Mateguafa Oeste-1 exploration well in the Tapir block, Colombia, which proved unsuccessful.
It was spudded on 21 September and reached total depth on 26 September, encountered reservoir sands but did not contain commercial volumes of oil, and it will now be abandoned.
This is Arrow's first 'dry hole' in 40 wells to date at the 50%-owned project.
Chief executive Marshall Abbott noted that the result would "provide calibration' for Arrow's other prospects.
Looking ahead, he added: "The rig is now moving to the Mateguafa Attic field where we plan to drill the M-5 well ... a step out well from the M-1 and M-3 wells that were successful wells drilled and produced by Mohave and Petrolco, respectively."
The M-1 and M-3 wells were abandoned in 2013, and, now, armed with new 3D seismic acquired in 2023, the company plans to drill into a higher part of the reservoir.
"We look forward to updating the market on the results of M-5 once the well has been evaluated and remain excited about the future prospectivity at the Icaco, Macoya and Capullo prospects," Abbott said.
The Mateguafa Oeste-1 exploration well was drilled under budget.