Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has announced results from its 50%-owned Mateguafa HZ7 (M-HZ7) appraisal well on the Tapir Block in Colombia.
M-HZ7 well was drilled on time and on budget to a measured depth of 14,253 feet and encountered multiple hydrocarbon-bearing intervals. It reached target depth on 4 December before being placed on production in the Carbonera C9 formation. The well has approximately 4,053 feet of horizontal oil pay in the C9 formation.
Production began at a restricted rate of around 1,694 barrels of oil per day gross, with a 4% water cut.
“The M-HZ7 well was drilled on time and on budget and initial production has exceeded expectations,” said chief executive Marshall Abbott.
He added: “The C9 formation has proven to be an excellent producing zone into which the company plans to drill additional horizontal wells... The area has definitely turned into another core area for Arrow with the potential for further horizontal drilling development.”
Further testing will determine the ultimate flow rate, while additional development and delineation wells are planned at Mateguafa before the rig moves to the Icaco exploration prospect, the company noted
Arrow, meanwhile, reported that total corporate production, including restricted output from M-HZ7, currently amounts to around 4,510 barrels of oil equivalent per day.
"We look forward to providing further updates on the low-risk ongoing development of the Mataguafa Attic field," Abbott said.