Arrow Exploration (AIM:AXL), the high-growth operator with a portfolio of assets across Colombian hydrocarbon basins and a 50% interest in the Tapir block, drilled M-HZ12 on time and under budget to 13,824 feet measured depth (8,455 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals including roughly 30 feet of net oil pay in the Carbonera C9 with average porosity of 24%.
"The continued success of the Mateguafa wells reinforces the materiality of the Mateguafa field to Arrow," Marshall Abbott, CEO, said.
Arrow put M-HZ12 on production on April 16 after perforating and installing an electric submersible pump, and the well reached a maximum clean-up rate of 668 BOPD gross (334 BOPD net) before settling to a restricted rate of approximately 564 BOPD gross (282 BOPD net) at a 33/128 choke and 36 Hz pump frequency.
The well also encountered approximately 15 feet of net oil pay in the Carbonera C7 formation.
Initial production results are not necessarily indicative of long-term performance or ultimate recovery.
Including the restricted production from M-HZ12, Arrow's total gross corporate production is approximately 5,000 boe/d, with CN-HZ12 currently offline (it was producing ~330 BOPD gross) and the Pepper gas field shut in (~130 boe/d).
On May 1 the company reported a cash balance of US$24.2 million and no debt.
The rig has moved to the Icaco pad and spudded the Icaco 1 (A-1) exploration well on May 5, and Arrow says a development programme at Icaco will follow if the well is successful.
Arrow is also contracting a workover rig for several recompletions on the Tapir block and expects workovers to begin late in the second quarter.
The company said testing over the coming weeks will determine the well's ultimate flow rate.
