8th Jun 2022 12:44
(Alliance News) - Arrow Exploration Corp on Wednesday said new finds at the Rio Cravo Sur-1 well located on the Tapir Block in Colombia "will add materially to the overall field development plan".
Shares in the Calgary, Canada-based oil and gas company were up 14% to 20.02 pence each in London on Wednesday afternoon.
On Friday, the RCS-1 well, initially spudded in May, reached a vertical depth of 8,105 feet. As of Monday, the well has been "successfully" cased and cemented.
Arrow Exploration said that its initial technical evaluation indicated that there were six separate oil-bearing reservoirs, two of which were not evident in RCE-1 or RCE-2, two other sites.
Comprehensive testing of these individual zones is due to commence in the next few days. The company expects that each zone will require five days of testing that includes perforating, flowing, and shut in for pressure build-up & analysis.
It added that RCE-2 continues to produce at a stabilized rate of 1,000 barrels of oil per day.
Chief Executive Marshall Abbott said: "Initial evaluation continues to demonstrate the multi-zone potential of this fault bounded structure. Known zones were penetrated at the highest structural elevations yet. As well, two new oil-bearing zones have been identified which will add materially to the overall field development plan."
By Sophie Rose; [email protected]
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