Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) shares rose about 4% to 11.22p after the company announced encouraging results from the Mateguafa 6 appraisal well on the Tapir Block in Colombia, where it owns a 50% beneficial interest.
The M-6 well hit several hydrocarbon-bearing zones and has been brought onstream in the Carbonera C7 formation, which contains around 18 feet of net oil pay.
Early production averaged roughly 824 barrels of oil per day on a restricted choke, with light crude of 32 degrees API and a low water cut of 3%.
Arrow said additional pay was identified in the C9 and Lower Gacheta formations, totalling more than 40 feet, and these intervals will be tested later.
Chief executive Marshall Abbott said the well was delivered on time and on budget, adding that initial production had exceeded expectations.
He said the results underline the importance of the Mateguafa Attic discovery and could open the door to further horizontal drilling in the area.