TIDMAXL
RNS Number : 6170T
Arrow Exploration Corp.
16 November 2023
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED
STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
ARROW PROVIDES RCE-6 UPDATE AND OPERATIONS UPDATE
Ubaque oil discovery at RCE, with production being brought on
from the C7
CALGARY, November 16, 2023 - Arrow Exploration Corp. (AIM: AXL;
TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator
with a portfolio of assets across key Colombian hydrocarbon basins,
is pleased to provide an update on the Rio Cravo Este-6 ("RCE-6")
well on the Tapir Block in the Llanos Basin of Colombia where Arrow
holds a 50% beneficial interest, and the Oso Pardo-3 well on the
Oso Pardo field in the Middle Magdalena Valley Basin of Colombia
where Arrow has a 100% working interest.
RCE-6
The Company has completed the RCE-6 well in the Carbonera C7
formation and the well has been put into production. The well
penetrated a 16 ft pay zone in a high quality upper Carbonera C7
sand, with a porosity of 27%. The well is currently flowing, with
the ESP turned off, at 834 BOPD gross (417 BOPD net) of 29.8 API
gravity. As reservoir stewards, the Company will conservatively
produce at rates that allow for maximum oil recoveries and optimal
production rates.
After penetrating the Carbonera C7, the RCE-6 well continued
drilling and encountered pay in the Ubaque formation. In the Ubaque
formation the well penetrated 7 ft of high quality pay , with an
estimated porosity of 24%. The Ubaque zone was tested for 78 hours
and reached a production rate of 393 BOPD gross (197 BOPD net) of
heavy crude oil of 13.3deg API with a water cut of less than 10%.
The Ubaque formation was shut in after the test and the well was
completed in the Carbonera C7 formation. The Ubaque discovery in
RCE-6 is expected to add reserves and future production to
Arrow.
Initial production results are not necessarily indicative of
long-term performance or ultimate recovery.
The Gacheta formation was not tested in the RCE-6 well.
Tapir Forward Work Program
The Rio Cravo Este-7 well ("RCE-7") spud on November 14. This
development well is targeting the multizone pay stack within the
RCE fault bounded structure. As well, upon RCE-7 being placed
on-stream, the RCE 8 development well will be drilled to further
evaluate the multizone potential that has evolved from the RCE
structure.
The drilling rig is then expected to return to the Carrizales
Norte field ("CN") to begin a multi well program. Priority vertical
locations will focus on exploitation of the material Ubaque
discovery. Upon completion of the dedicated horizontal well pad, a
series of horizontal wells will be drilled with a second rig to
efficiently exploit the Ubaque reservoir. Pad completion is
expected in Q1 2024. The existing Carrizales Norte vertical pad
will focus on testing the Carrizales Nor Oeste prospect directly
adjacent to the Ubaque discovery. Horizontal drilling is expected
to commence in late Q1 2024 once the pad is ready. As previously
disclosed the Ubaque Sand reservoir is 60 feet thick over a large
area and is tailor made for horizontal well exploitation.
Oso Pardo - 3
The Oso Pardo-3 ("OP-3") well spud on October 27 and has reached
TD in the Umir formation. The well penetrated multiple pay zones
totaling 53 ft of net pay in high quality sands, with an average
porosity of 23%. Initial 3D seismic and log interpretation
indicates OP-3 has proven up additional locations within the
existing 100%-owned Oso Pardo Block.
OP-3 is currently being completed and the Company plans to give
further updates once this well is put on production in the next
couple of weeks.
The Company plans to drill a second well, Oso Pardo-4, once the
Oso Pardo-3 well is on production.
Marshall Abbott, CEO of Arrow commented:
"The RCE-6 test results in both the Ubaque formation and
Carbonera are material and exciting for the Company. The results
demonstrate that the Carbonera remains a solid high volume producer
while the Ubaque formation has proven production that extends
beyond the Carrizales Norte complex. Multiple development locations
are anticipated based on current results, including horizontal
drilling in the Ubaque reservoir in the Carrizales Norte field.
Horizontal wells typically produce at higher rates, increasing
recovery and the economics of heavy oil fields."
"Arrow's fully funded, low risk drilling program continues to
build momentum across our extensive portfolio, where we aim to have
four additional development wells on production before the end of
2023. We are also encouraged by the interpretation of the Tapir 3D
seismic and look forward to providing further updates in due
course."
For further Information, contact:
Arrow Exploration
Marshall Abbott, CEO +1 403 651 5995
Joe McFarlane, CFO +1 403 818 1033
Brookline Public Relations, Inc.
Shauna MacDonald +1 403 538 5645
Canaccord Genuity (Nominated Advisor
and Joint Broker)
Henry Fitzgerald-O'Connor
James Asensio
Gordon Hamilton +44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright +44 (0)7711 627449
Rupert Holdsworth Hunt
Camarco (Financial PR)
Andrew Turner +44 (0)20 3781 8331
Rebecca Waterworth
Kirsty Duff
About Arrow Exploration Corp.
Arrow Exploration Corp. (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
underexploited, 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. By way of a
private commercial contract with the recognized interest holder
before Ecopetrol S.A., Arrow is entitled to receive 50% of the
production from the Tapir block. The formal assignment to the
Company is subject to Ecopetrol's consent. Arrow's seasoned team is
led by a hands-on executive team supported by an experienced board.
Arrow is listed on the AIM market of the London Stock Exchange and
on TSX Venture Exchange under the symbol "AXL".
Forward-looking Statements
This news release contains certain statements or disclosures
relating to Arrow that are based on the expectations of its
management as well as assumptions made by and information currently
available to Arrow which may constitute forward-looking statements
or information ("forward-looking statements") under applicable
securities laws. All such statements and disclosures, other than
those of historical fact, which address activities, events,
outcomes, results or developments that Arrow anticipates or expects
may, could or will occur in the future (in whole or in part) should
be considered forward-looking statements. In some cases,
forward-looking statements can be identified by the use of the
words "continue", "expect", "opportunity", "plan", "potential" and
"will" and similar expressions. The forward-looking statements
contained in this news release reflect several material factors and
expectations and assumptions of Arrow, including without
limitation, Arrow's evaluation of the impacts of COVID-19, the
potential of Arrow's Colombian and/or Canadian assets (or any of
them individually), the prices of oil and/or natural gas, and
Arrow's business plan to expand oil and gas production and achieve
attractive potential operating margins. Arrow believes the
expectations and assumptions reflected in the forward-looking
statements are reasonable at this time, but no assurance can be
given that these factors, expectations, and assumptions will prove
to be correct.
The forward-looking statements included in this news release are
not guarantees of future performance and should not be unduly
relied upon. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
hereof and the Company undertakes no obligations to update publicly
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Glossary
API: A specific gravity scale developed by the American
Petroleum Institute ( API ) for measuring the relative density of
various petroleum liquids, expressed in degrees.
BOPD: barrels of oil per day
BOE/D: barrels of oil equivalent per day
Qualified Person's Statement
The technical information contained in this announcement has
been reviewed and approved by Grant Carnie, senior non-executive
director of Arrow Exploration Corp. Mr. Carnie is a member of the
Canadian Society of Petroleum Engineers, holds a B.Sc. in Geology
from the University of Alberta and has over 35 years' experience in
the oil and gas industry.
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END
UPDUVAKROBUAAAA
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