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Arrow Exploration Corp on Wednesday reported good results from the Rio Cravo Este-2 well testing in Colombia, ahead of the company's expectations.
The RCE-2 well was spud at the start of last month, targeting a large, three-way fault bounded structure with multiple high-quality reservoir objectives on the Tapir block in the Llanos Basin of Colombia.
The well was drilled to a total measured depth of 9,600 feet and encountered six hydrocarbon bearing intervals totalling 90 net feet of oil pay.
Chief Executive Officer Marshall Abbott said: ‘We're encouraged by the material results of RCE-2, the second well on the Tapir block. RCE-2 identified new zones for further exploitation with flowing results returning better than expected.’
Arrow Exploration's production currently exceeds 1,000 barrels of oil equivalent per day.
Looking ahead, the Calgary, Canada-based oil and gas company aims to achieve a production rate of 3,000 barrels of oil equivalent per day within 18 months of when it was listed, which was in October of last year.
Arrow Exploration shares were up 24% at 16.80 pence each on Wednesday morning in London.
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