Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has reported successful drilling and initial production from the Mateguafa 6 appraisal well on the Tapir Block in Colombia, where the company holds a 50% beneficial interest.
The company, in a statement, said M-6 encountered several hydrocarbon-bearing intervals and has been put on production in the Carbonera C7 formation, which co33ntains about 18 feet of net oil pay.
Initial flow was recorded at approximately 824 barrels of oil per day gross on a restricted choke, with oil quality measured at 32 degrees API and a water cut of 3%.
Additional pay zones were also identified, including 30 feet in the C9 formation and 14 feet in the Lower Gacheta, which are planned for future testing.
“The M-6 well was drilled on time and on budget and initial production has exceeded expectations," said chief executive Marshall Abbott.
"The M-6 well reinforces that the Mateguafa Attic discovery is material to Arrow and we are looking forward to the results of the horizontal well M-HZ7, 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."