Arrow Exploration (AIM:AXL) has put its Icaco 1 exploration well on the Tapir Block on production at a restricted rate of approximately 628 BOPD gross (314 BOPD net) after initial clean-up testing.
The company, a high-growth operator with assets in Colombian hydrocarbon basins, spud IC‑1 on 5 May and reached total measured depth of 7,800 feet (7,524 ft true vertical) on 9 May, logging 30 feet of pay in the Carbonera C7, 15 feet in Gacheta and 26 feet in Ubaque.
Arrow said it completed the C7 perforation and installed an electric submersible pump into two clean sandstones with average porosity of 25%, and during the clean-up phase the well flowed 735 BOPD gross (368 BOPD net) with a 50% water cut for approximately 15 hours before settling.
The well is currently flowing on a 15/128 choke with a 30 Hz pump frequency at a restricted rate and the oil measures 27.8° API with a 46% water cut.
Arrow said testing indicates the well can deliver higher rates after pump and well optimisation and that ultimate flow will be determined over the coming weeks, while noting initial rates are not necessarily indicative of long‑term performance.
The Icaco 2 appraisal well was spud on 18 May and is a significant step‑out to the north intended to help delineate the pool and estimate areal extent and volumes.
Arrow plans further appraisal and development drilling at Icaco, including potential horizontal wells, with development activity that could continue until the third quarter and then move to AB and CN pads.
Including IC‑1 the company's total gross production is approximately 5,100 boe/d, with CN‑HZ12 currently offline pending a workover and the Pepper gas field shut in due to low AECO prices and expected to be reactivated in the third or fourth quarter.
"Management believes the Icaco 1 well result is a material discovery in the southeastern area of the Tapir Block," Marshall Abbott, CEO, said.
