16th May 2024 14:02
(Alliance News) - Arrow Exploration Corp on Thursday announced the commencement of drilling at the CNB HZ-1 well.
The Calgary, Canada-based oil exploration firm said the well at the Ubaque formation, in Colombia's Llabis Basin, will be drilled to a depth of 8,4000 feet and have a horizontal length of 1,800 feet.
After production begins in June, Arrow intends to drill a water disposal well and three horizontal wells towards the end of the year.
Chief Executive Officer Marshall Abbott said: "Spudding Arrow's first horizontal well at the CNB pad is a significant milestone...we determined that the Ubaque reservoir could be developed most efficiently using horizontal drilling technologies."
Arrow shares were down 4.5% to 20.29 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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