14th Apr 2023 11:58
(Alliance News) - Arrow Exploration Corp on Friday announced that well RCE-5 well on the Tapir block in the Llanos basin of Colombia has spudded.
Arrow Exploration is an Alberta, Canada-based company with a portfolio of assets across Colombian hydrocarbon basins. The company said RCE-5 well is producing at a rate of 680 barrels of oil per day gross, or 340 net. This compares to RCE-4 well currently flowing at 944 bopd gross and RCE-3 well producing 852 bopd.
Chief Executive Officer Marshall Abbott said: "Initial production from the RCE-5 well has exceeded expectations. In addition to the thick pay zones encountered on the Carbonera C7 formation, additional pay zones currently behind pipe may provide further opportunities for production and reserve increases. Drilling and completion costs came in on budget and within the time frame expected."
Arrow Exploration shares rose 3.7% to 18.40 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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