Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that group production climbed above 6,000 barrels of oil equivalent per day, a company record, as the IC-6 well at its Icaco field, in Colombia, was repurposed for water disposal after drilling problems forced an early finish.
The production record rate includes production from the recently acquired Thorsby field in Alberta alongside Arrow's recent drilling successes and workovers.
Arrow noted its cash balance of around US$21.8 million as of 1 September, after paying US$8.9 million for the Thorsby acquisition.
IC-6, on the Tapir Block in Colombia, encountered a fault and suffered lost circulation and drilling mud losses before reaching its intended targets. Arrow elected to case the well early and use it for water disposal, which it expects will reduce operating costs and improve water-handling capacity at Icaco. Logs nevertheless showed 6.5 feet of net pay in the C7 formation and 5 feet in the Guadalupe formation. The well stopped before reaching the Gacheta and Ubaque formations.
Arrow said it has already moved on to IC-7, which was spudded on 1 September and will target the C7, Gacheta and Ubaque formations. The company is also building another five well cellars at Icaco, taking the total on the pad to 15.
