Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) said its Icaco-2 exploration well in Colombia has been drilled, completed and brought on production, adding restricted output of around 830 barrels of oil per day gross from the Ubaque formation.
The AIM and TSX-V-listed company said IC-2 was drilled on time and under budget to a total measured depth of 12,020 feet. Log analysis showed 100 feet of total net pay, comprising 19.5 feet in the Carbonera C7 formation, six feet in the Gacheta and 74.5 feet in the Ubaque.
Arrow, which holds a 50% beneficial interest in the Tapir Block in Colombia’s Llanos Basin, said the well is currently producing at a restricted rate on a 35/128 choke and 37 Hz pump frequency. Net production to Arrow is about 415 bopd, with oil quality of 13.4° API and a 1% water cut.
Including the restricted IC-2 production, Arrow said total gross corporate output is now approximately 5,000 barrels of oil equivalent per day. The company also reported an estimated cash balance of US$26.7 million as of 2 June and said it continues to have no debt.
Chief executive Marshall Abbott said the success of IC-2 indicates the Icaco discovery “may be material to Arrow”, adding that future projects at the field are expected to include both horizontal and vertical development wells. Arrow has already spudded the IC-4HZ well targeting the Ubaque, after which the rig is expected to move to the IC-3 vertical well.
