- Arrow (AXL) has released an update on its Rio Cravo Sur-1 well in Colombia
- The company spud the well on May 23, 2022, and drilled it to a true vertical depth of 8,105 feet on June 3
- An initial technical evaluation indicates six separate oil-bearing reservoirs with testing to begin in the next few days
- RCE-2 continues to produce at a stabilized rate of 1,000 bopd (500 bopd net)
- Arrow Exploration operates a portfolio of premier Colombian oil assets
- Arrow (AXL) is up by 5.26 per cent trading at $0.30 per share
Arrow (AXL) has released an update on its Rio Cravo Sur-1 well in Colombia.
The well is located on the Tapir Block in the Llanos Basin.
The company spud the well on May 23, 2022, and drilled it to a true vertical depth of 8,105 feet on June 3. It was successfully cased and cemented as of June 6.
An initial technical evaluation indicates six separate oil-bearing reservoirs, two of which were not evident in RCE-1 or RCE-2. The company located the six reservoirs in the C7, the Gacheta and the Ubaque between 7,077 feet and 8,105 feet. Cumulative net pay in all zones exceeds 55 feet.
Comprehensive testing of all zones will begin in the next few days. Each zone will require five days of testing including perforating, flowing and shut in for pressure buildup and analysis.
Arrow will put the well into production immediately following the testing program.
RCE-2 continues to produce at a stabilized rate of 1,000 bopd (500 bopd net) from two separate reservoir units in the Lower Miocene Carbonera Formation. Four additional zones in RCE-2 will be produced from existing and future wells.
“Initial evaluation demonstrates the multi-zone potential of this fault-bounded structure,” stated Marshall Abbott, Arrow’s CEO. “Known zones were penetrated at the highest structural elevations yet. Two new oil-bearing zones have been identified, which will add materially to the overall field development plan.”
Arrow Exploration operates a portfolio of premier Colombian oil assets.
Arrow (AXL) is up by 5.26 per cent trading at $0.30 per share as of 2:18 pm EST.
