Arrow Exploration Corp's (AIM:AXL) Icaco-1 exploration well in the Tapir Block of Colombia encountered 30 feet of pay in the Carbonera C7 formation, 15 feet in the Gacheta formation and 26 feet in the Ubaque formation and the company intends to production test all three intervals.
Arrow, an oil and gas small-cap with a portfolio of assets across key Colombian hydrocarbon basins, spudded Icaco-1 on 5 May, and reached target depth on 9 May, coming in on time and under budget at a total measured depth of 7,800 feet (7,524 feet true vertical depth).
"These initial drilling results are better than we anticipated and display once again the hydrocarbon density of the Tapir Block," Marshall Abbott, CEO, said.
Production testing and well clean-up are scheduled over the coming weeks, with test results to be published once available.
Management noted Icaco is the fifth successful exploration well drilled in the Tapir Block and said the company’s five exploration successes have subsequently led to 40 development wells.
