7th Sep 2022 09:42
(Alliance News) - Shares rose in Arrow Exploration Corp after testing of the East Pepper well in Alberta, Canada showed a higher gas flow rate than expected.
Shares in the Calgary, Canada-based oil and gas company were 5.5% higher at 18.20 pence on Wednesday in London.
During a production test run over a 27.8 hour period, natural gas production was tested at a peak rate of 21.2 million cubic feet per day, around 3,534 barrels of oil equivalent per day, and an average rate of 10,921 mcf per day.
Condensate produced over the test period was 24.3 barrels, while the well had an average well head pressure of 3,276 pounds per square inch.
Looking ahead, Arrow expects the tie-in facilities to be completed and well be put on production by the end of October. The company anticipates typical production declines in the first few months, and is sizing tie-in equipment for 7,000 mcf per day.
"We're encouraged by the better-than-expected East Pepper production test, the second well on the Pepper block. We are particularly encouraged by the material flow rate and the strength and speed of pressure recovery after shut in. Arrow holds a 100% interest in approximate 22,000 acres of undeveloped land at Pepper. This is our second well in the Montney formation on the Arrow asset. The well is expected to be put on production to take advantage of the typically higher natural gas prices that the winter brings," said Chief Executive Officer Marshall Abbott.
By Dayo Laniyan; [email protected]
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