Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has issued a further operational update about the drilling of its next scheduled well (RCE-2) at the Rio Cravo Este Field (Tapir Block) in Colombia.
The company said the Lee C. Moore 1,500 HP unit with a 500 ton top drive is currently being mobilized to the RCE-2 drilling location.
A minor delay with rig scheduling has been overcome and the partners on the Tapir Block now expect the RCE-2 well to spud in late-March 2022.
“Major gating items, including the acquisition of tubulars and pumps, the mobilization of trucks, the completion of civil works, and the community socialization process have been completed,” Arrow said In a statement.
READ: Arrow Exploration has issued an operational update and outlined the near-term plans for its Colombian and Canadian assets
The company noted that drilling of the RCE-2 well is expected to take about two weeks, followed by completion and testing. Depending on the number of zones encountered in the wellbore, testing is expected to take about five days per zone.
The second well in the drilling program, the RCS-1 well (formerly named RCE-3), is expected to spud in early May 2022. The company will continue to provide additional updates on the RCE-2 and RCS-1 wells as appropriate.
Arrow, operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A., is a publicly-traded company with a portfolio of premier Colombian oil assets that are under-exploited, under-explored, and offer high potential growth.
The company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV), and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins.
Arrow's 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol (NYSE:EC) SA of such interest to Arrow. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board.
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