|
Arrow Exploration Corp on Wednesday said it successfully drilled the Mateguafa-5 well and started production at the Mateguafa field on the Tapir Block, which confirmed the productive potential of the multi-pool Mateguafa Attic field. The Colombia-focused oil producer holds a 50% beneficial interest at the Mateguafa field on the Tapir Block in the Llanos Basin of Colombia. The firm said the well, drilled on time and on budget, reached a total depth of 10,560 feet and encountered 26 feet of net oil pay in the Guadalupe formation and 11 feet in the Carbonera C7 formation. Initial restricted testing yieled around 570 barrels of oil per day gross of 31 API oil with an 8% water cut. ‘The testing results indicate the well is capable of higher rates and the ultimate flow rate will be determined in the first few weeks of production,’ Arrow Exploration said. Included the restricted production from the M-5 well, total corporate production was around 4,000 barrels of oil equivalent per day, in line with company modelling, the firm said. ‘Initial production from the M-5 discovery has exceeded expectations and is an exciting event for Arrow. In addition to the thick pay zones encountered on the Guadalupe formation, an additional pay zone currently behind pipe, the C7, provides further opportunities for production and reserves increases,’ said Chief Executive Officer Marshall Abbott. ‘The Mateguafa Attic discovery is material to Arrow and we are looking forward to the M-6 and M-7 results which will further develop this discovery and help determine the extent of the pools and the potential reserves additions. Initial results indicate that the discovery will develop into another core area for Arrow with the potential for horizontal drilling development.’ Shares in Arrow Exploration closed down 3.5% at 11.00 pence on Wednesday in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
