Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that its Icaco 1 exploration well in Colombia is now on production after encountering multiple hydrocarbon-bearing intervals, lifting total gross corporate output to around 5,100 barrels of oil equivalent per day.
The company said IC-1, on the Tapir Block in the Llanos Basin, was drilled on time and under budget to a total measured depth of 7,800 feet. Log analysis showed 30 feet of pay in the Carbonera C7 formation, 15 feet in the Gacheta and 26 feet in the Ubaque.
Arrow put the well on production on 15 May in the C7 formation, where the perforated pay zone comprises two clean sandstones with average porosity of 25%. During clean-up, the well averaged 735 barrels of oil per day gross, or 368 bopd net, over a 15-hour period before settling at a restricted rate of around 628 bopd gross, or 314 bopd net.
Chief executive Marshall Abbott said management believes Icaco 1 is “a material discovery in the southeastern area of the Tapir Block”. He added that Icaco 2, a significant step-out well spudded on 18 May, will help delineate the pool and determine initial volumes and areal extent of the producing zones.
Arrow said further appraisal and development drilling is planned at Icaco, including potential horizontal well development, with drilling at the field potentially continuing until the third quarter if results remain positive.