TIDMAXL
RNS Number : 3344H
Arrow Exploration Corp.
27 July 2023
NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR
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RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
ARROW ANNOUNCES CN-2 WELL RESULTS EXCEED EXPECTATIONS IN UBAQUE
FORMATION
CN-2 well now on production
CALGARY, July 27, 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 operational activity at the
Carrizales Norte ("CN") field on the Tapir Block in the Llanos
Basin of Colombia where Arrow holds a 50% beneficial interest.
CN-2 Well
The CN-2 well was spud on June 15, 2023, and reached target
depth on June 23, 2023. The well was drilled to a total measured
depth of 9,474 feet (8,582 feet true vertical depth) and
encountered multiple hydrocarbon-bearing intervals.
Arrow has completed testing the CN-2 well in the Ubaque
formation which has approximately 60 feet of net oil pay. The pay
zone is a clean sandstone exhibiting consistent 26% porosity, four
Darcy permeability and high resistivities from top of sand to base
of sand. An electric submersible pump (ESP) was inserted in the
well after perforating.
The logs responses from the Ubaque formation are very similar in
both CN-1 and CN-2 wells. Due to this, the Company made the
decision to proceed directly to the perforation and well production
of the Ubaque in CN-2. Company drilling targets and recompletion
opportunities in the future.
Specific data for the initial production from the Ubaque
formation are as follows:
-- The well initiated production with a flow rate of 1,012 barrels of fluid per day.
-- After 31 hours of production, the water cut stabilized at 3%.
-- Measured oil from the Ubaque formation shows an API gravity of 13.6deg.
To efficiently manage the reservoir, the ESP is currently
running at 30 Hz, minimum optimum pump frequency, and a 128/128
choke size is being used. The CN-2 well is currently on production,
producing from the Ubaque formation at 680 BOPD gross (340 BOPD
net). Build-up analysis indicates the well can produce at 1,400
BOPD gross at a consistent producible rate. However, Management's
intention is to produce the well conservatively, at current rates,
to ensure the highest estimated ultimate recovery (EUR). This
provides significant operational flexibility.
The CN-2 well also tested the C7 formation where early water
production resulted in the Company making the decision to move
immediately to the Ubaque formation where more economic results
were encountered.
Initial production results are not necessarily indicative of
long-term performance or ultimate recovery.
Forward Work Program
The CN-3 well was spud on July 20, 2023, and is continuing to be
drilled as per schedule. After the CN-3 well, Arrow plans to move
the rig to the RCE field to further exploit the multi-zone RCE
structure with two dedicated Gacheta wells and the follow up to the
RCE-6 C7 producer. The drilling rig will then return to the CN
field to drill additional Ubaque wells that include second and
tertiary formations in the borehole.
The 134 km(2) 3-D seismic survey at the West Tapir project has
been successfully shot and processed. Interpretation is ongoing on
this high-resolution data set. Multiple prospects have initially
been identified with further interpretation to be finalized over
the next 60 days.
Marshall Abbott, CEO of Arrow commented:
"Production from the CN-2 well provides additional evidence that
the CN field is a material discovery for Arrow. Further to the
thick pay zones encountered in the Ubaque formation, additional pay
zones currently behind pipe provide further opportunities for
production and reserve increases."
"The Company is looking forward to the CN-3 well results which
will help determine the size of the pools in the field and the
potential reserves additions. Multiple development locations are
anticipated based on current results. Arrow plans to undertake a
third-party reserve evaluation of the CN field once the current
three well drilling program is complete."
"As with the RCE field, the Company plans to limit production at
the CN field by controlling pump speed and choking wells back to
efficiently manage the reservoir and discourage premature water
production. Arrow believes this is in the best long-term interest
of the reservoir and will result in maximum recovery for both
fields."
"There is strong momentum at Arrow, as we continue with our
fully funded, low risk drilling program across our extensive
portfolio with the spudding of two wells at the RCE structure
targeting the Gacheta formation to follow drilling at CN-3.
Alongside this we are encouraged by the initial 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)
Georgia Edmonds +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.
This Announcement contains inside information for the purposes
of the UK version of the market abuse regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
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