Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has confirmed initial production from its Mateguafa 5 (M-5) exploration well at the Tapir Block in Colombia.
"Initial production from the M-5 discovery has exceeded expectations and is an exciting event for Arrow," chief executive Marshall Abbott said.
The well, which was drilled to 10,560 feet and encountered multiple hydrocarbon-bearing zones, is currently producing at 570 barrels of oil per day (BOPD) gross.
Production is from the Guadalupe formation, which showed 26 feet of net oil pay with high porosity and resistivity.
An additional 11 feet of net pay was encountered in the Carbonera C7 formation, which will be tested in future wells.
"The Mateguafa Attic discovery is material to Arrow and we are looking forward to the M-6 and M-7 results, which will further develop this discovery and help determine the extent of the pools and the potential reserves additions.
"Initial results indicate that the discovery will develop into another core area for Arrow with the potential for horizontal drilling development," Abbott added.
"We look forward to providing further updates on this low-risk development drilling program."