Arrow Exploration Corp's mid-year reserves report shows sharp gains across every category, fuelled by the Icaco discovery in Colombia and the Thorsby acquisition in Canada.
The company's total production volume surpassed 6,000 barrels of oil equivalent per day for the first time, even as its IC-6 well at Icaco was completed as a water disposal well after hitting a fault.
Arrow Exploration reported a 116% jump in second-quarter revenue and swung to net income as its Icaco discovery in Colombia drove production higher.
The Colombia-focused oil producer has acquired a 550 boepd Alberta asset for C$12.15m, funded entirely from cash, adding 22 identified drilling locations.
Arrow Exploration brought three new Icaco field wells onstream, with the IC-5 horizontal well flowing 1,270 barrels of oil per day gross during clean-up.
The Icaco-2 exploration well has come in on time and under budget, with initial restricted production of 830 barrels of oil per day gross from the Ubaque formation.
"We are excited by the Icaco discovery and believe it could become a major production platform with a material impact on the company," Marshall Abbott, CEO, said.
"Management believes the Icaco 1 well result is a material discovery in the southeastern area of the Tapir Block," Marshall Abbott, CEO, said.
The Icaco-1 exploration well in the Tapir Block encountered 30 feet of pay in the Carbonera C7 formation, 15 feet in Gacheta and 26 feet in Ubaque, and the company plans to move to production testing.
Mateguafa H-Z12 reached target depth, was brought on production and flowed up to 668 BOPD gross during clean-up.