Arrow Provides CN-3 Production and Production Update

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18/09/2023 10:53
Calgary, Alberta--(Newsfile Corp. - September 18, 2023) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on the Carrizales Norte-3 ("CN-3") well on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50% beneficial interest.


The Company has completed the previously announced testing of the Carbonera C7 formation in the CN-3 well and the well has been put into production. The well penetrated a 23 foot pay zone in a high quality upper C7 sand, with an estimated porosity of 25%. An electric submersible pump (ESP) has been inserted and the well was initially producing at an average rate of 1,149 BOPD gross (575 BOPD net) of light crude oil of 33° API with a water cut of less than 0.5% over a 22 hour period. To efficiently manage the reservoir, and prevent premature water breakthrough, the ESP has been shut off and the well is naturally flowing. A 23/128 choke is being used to ease production back to a target of 640 BOPD gross (320 BOPD net). The Company maintains the optionality to increase production once the well has stabilized.

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

The Gacheta formation was not tested in the CN-3 well. Management plans to test the Gacheta formation at Carrizales Norte in future wells.

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