Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors it has identified two new oil-bearing zones as it reached total depth in drilling on its Rio Cravo Sur-1 (RCS-1) well on the Tapir Block in Colombia’s Llanos Basin.
In an update, the company said RCS-1 was spud on May 23, 2022, and the well was drilled to a true vertical depth of 8,105 feet on June 3, before being successfully cased and cemented on June 6.
Arrow said the initial technical evaluation indicates six separate oil-bearing reservoirs, two of which were not evident in the Rio Cravo Este-1 (RCE-1) or Rio Cravo Este-2 (RCE-2) wells. Cumulative net pay in all zones exceeded 55 feet. The six separate reservoirs were found in the C7, the Gacheta and the Ubaque, between 7,077 feet and 8,105 feet, it added.
READ: Arrow Exploration says RCE-2 well came into production on May 23, 2022; reports rise in 1Q revenue
“Initial evaluation continues to demonstrate the multi-zone potential of this fault-bounded structure,” Arrow CEO Marshall Abbott said in a statement. “Known zones were penetrated at the highest structural elevations yet. As well, two new oil-bearing zones have been identified which will add materially to the overall field development plan.”
The company said comprehensive testing of the individual zones will commence in the next few days, with each zone expected to require five days of testing that includes perforating, flowing and shut in for pressure buildup and analysis. The well will be put into production immediately following the testing program, it added.
Meanwhile, Arrow said RCE-2 continues to produce at a stabilized rate of 1,000 barrels of oil per day (500 BOPD net) from two separate reservoir units in the Lower Miocene Carbonera Formation. Four additional zones identified in RCE-2 will ultimately be produced from existing and future wells, it said.
Arrow Exploration operates in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A., which has a portfolio of premier Colombian oil assets that are under-exploited, under-explored and offer high potential growth.
Contact the author at stephen.gunnion@proactiveinvestors.com