Arrow Exploration Corp. (AIM:AXL; TSXV:AXL) announced that its Icaco 1 exploration well on the Tapir Block in Colombia’s Llanos Basin has been placed on production.
The IC-1 well was spud on May 5 and reached target depth on May 9 at 7,800 feet. It encountered hydrocarbon-bearing intervals totaling 30 feet of pay in the Carbonera C7 formation, 15 feet in the Gacheta formation, and 26 feet in the Ubaque formation.
Arrow placed IC-1 on production on May 15 in the C7 formation. During cleanup, the well averaged 735 bopd gross (368 bopd net) with 50% water cut over 15 hours. It now produces at a restricted rate of approximately 628 bopd gross (314 bopd net) at 15/128 choke and 30 Hz pump frequency. Oil quality is 27.8° API with 46% water cut.
Arrow holds a 50% beneficial interest in the Tapir Block. Initial production results may not indicate long-term performance or ultimate recovery.
A second well, Icaco 2, was spud on May 18, representing a significant step out from IC-1.
Total gross corporate production is approximately 5,100 boe/d, including restricted production from IC-1. The CN-HZ12 well is offline awaiting a workover. Arrow has shut in its Pepper gas field in Alberta due to low natural gas prices.
The company plans further appraisal and development drilling at the Icaco field, including potential horizontal well development.
