Two more new wells on the go.......
Marshall Abbott, CEO of Arrow commented:
"The thick pay zones encountered in the CN-4 and CN-5 wells underpins the step change in value that has been created. The Company expects material reserves additions and production from further development of the multi-zone potential at Carrizales Norte. The defined Ubaque reservoir has set the stage for conventional horizontal exploitation which we expect to lead to material production, cash flow and reserves growth. Additional pay zones currently behind pipe provide further opportunities for production and reserves increases in the future.
"The CN-4 and CN-5 well results have helped determine the size of the Ubaque pool at Carrizales Norte and there are strong indications that the reserves additions will transform Arrow into a much larger company. Multiple development locations are anticipated based on current results.
"With both the RCE and CN fields, management plans to control pump speed and choke wells back to efficiently manage the reservoir and discourage premature water production. Arrow believes this is in the best long-term interest of the reservoir and will maximize recovery from both fields.
"There is strong momentum at Arrow, as we continue with our fully funded, low risk drilling program across our extensive portfolio. The CN-4 and CN-5 wells have successfully increased production and are expected to add materially to reserves. Alongside this, we are encouraged by the number of prospects the Tapir 3D seismic has outlined and the drilling inventory it has provided.
"I would like to recognize the professionalism and work ethic that our entire team has dedicated to our continued success."