Post by
EagleHasLanded on May 16, 2024 1:07pm
Malcy comments latest NR
his is indeed a significant milestone in Arrow€™s development plan, over recent months I have watched Arrow very carefully and in the next few days I hope to comment about how well they have done and how the recent period of success has set them on their horizontal journey. The success of drilling in the last 15 months or more has meant that Arrow has achieved a great deal of success and in particular that has opened up opportunities in this case in the Ubaque formation. There are significant advantages of the horizontal play, in this case a vertical well costing say $3-4m would expect to produce around 700 b/d whereas a horizontal well should cost say $5-7m and might deliver some 2000b/d. These numbers, should they be confirmed next month, will be the highlight of the 2024 drilling campaign, after this the company expect to drill three more wells from this pad which was being completed when I visited Bogota recently. Finally, water disposal will be a necessary measure and such a well will be ready on the pad, further water disposal wells are planned. I am expecting significant interest in this, the next phase of Arrow€™s drilling campaign here in the CN field in the Tapir Block in the Llanos Basin. Recently the Canacol overhang has been cleared away and with such a formidable operational success rate I€™m convinced that my 50 Target Price will be achieved.