Arrow Announces RCE-3 Well Update

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Overig advies 03/03/2023 09:03
RCE-3 producing from the C7-A and the C7 Stringer.

The RCE-3 well was spud on February 8, 2023 and reached target depth on February 16, 2023. RCE-3 targeted a 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 8,880 feet (8,087 feet true vertical depth) and encountered seven hydrocarbon bearing intervals totaling 58 net feet of oil pay.

The well was completed in the C7-A and C7 Stringer zones and the well is currently producing from those zones. A submersible pump has been inserted but not turned on. The well flowed naturally at rates equivalent to 2,000 BOPD gross for four hours after unloading kill fluid. The well is currently being choked back with a 18/168 choke and, in the last 24 hours, it has produced at a rate of 968 BOPD gross (484 BOPD net) of oil at 28.5 API and with a 0% water cut. The Company will provide a further update on production rates in due course.

Initial production results are not necessarily indicative of long-term performance or ultimate recovery.

Marshall Abbott, CEO of Arrow commented:

"We are very encouraged by the initial production of RCE-3, the fourth well on the Tapir block. The well was completed in the C7-A and C7 Stringer zones with additional zones currently behind pipe."

"RCE-3 is currently flowing better than expected. The Company is choking the well back in an effort to manage the reservoir and discourage premature water production. Arrow plans to engage the pump and slowly increase production once the well has stabilized."

"The continued strong production rates from existing tied-in wells combined with the encouraging results from new wells in Colombia continues to provide us with confidence that our objective of achieving a production rate of 3,000 boe/d within 18 months of the AIM listing can be achieved. This is an exciting time for Arrow, and we look forward to providing further updates on our progress."

The RCE-3 well costs came in under budget and was the quickest well drilled to date on the block.

RCE-4 and RCE-5 Wells

The RCE-4 well was spud on March 1, 2023 and is currently drilling. Expectations are that the RCE-4 well will be complete and brought on production towards the end of March. Plans are then to skid the rig to the RCE-5 location and begin drilling.

Capella Field
The Capella field continues to be shut in and discussions between the government, protesters and the operator are ongoing. The Company hopes for a quick resolution of the protesters' concerns.

For further Information, contact:

Arrow Exploration
Marshall Abbott, CEO

Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O'Connor
James Asensio
Gordon Hamilton

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