Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has updated investors on the drilling of its next well - the RCE-2 well - at the Rio Cravo Este field on the Tapir block in Colombia, saying it expects it to spud on or around March 15 this year.
Arrow is partnered 50:50 on the Tapir block with PetrolCo and the partners have largely completed the community socialization process and awarded the drill contract to Bogota-based Top Drilling Company.
Drilling of the RCE-2 well is expected to take around three weeks, followed by testing.
Depending on the number of zones encountered, testing is expected to take about two weeks, Arrow said.
READ: Arrow Exploration has issued an operational update and outlined the near-term plans for its Colombian and Canadian assets
"While preparations for drilling the follow-on RCS-1 well (formerly named RCE-3) are at an earlier stage, Arrow expects the RCS-1 well to spud during April 2022. The company expects to provide additional updates on the RCE-2 and RCS-1 wells in the coming weeks," the company added in the statement.
Arrow Exploration Corp has a portfolio of premier Colombian oil assets, which, it says, are under-exploited, under-explored and offer high potential growth.
The plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin.
Contact the author at giles@proactiveinvestors.com