Resultados CN-4 y CN-5
NO PARA LA DIVULGACIÓN, DISTRIBUCIÓN, PUBLICACIÓN, DIRECTA O INDIRECTA, EN TOTAL O EN PARTE, EN O HACIA O DESDE LOS ESTADOS UNIDOS, AUSTRALIA, JAPÓN, LA REPÚBLICA DE SUDÁFRICA O CUALQUIER OTRA JURISDICCIÓN DONDE HACERLO PUEDE CONSTITUIR UNA VIOLACIÓN DE LA LEYES O REGLAMENTOS PERTINENTES DE DICHA JURISDICCIÓN.
ARROW ANNOUNCES CN-4 AND CN-5 RESULTS
Ubaque formation at Carrizales Norte continues to exceed expectations
CALGARY, 20 de febrero de 2024 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) ("flecha" o la "Empresa"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on activity on the Tapir Block in the Llanos Basin of Colombia in which the Company has a 50% beneficial working interest.
Pozo CN-4
The CN-4 well was spud on January 17, 2024, and reached target depth on January 27, 2024. The well was drilled to a total measured depth of 9,552 feet (8,613 feet true vertical depth) and targeted the Ubaque formation.
Arrow completed the well in the Ubaque formation, which has 29 feet of true vertical depth net oil pay. The pay zone is a clean sandstone exhibiting consistent 26% porosity, 5 Darcy permeability and high resistivities from top of sand to base of sand. An electric submersible pump (ESP) was inserted in the well after perforating.
The well confirms Arrow's understanding of the large Ubaque resource base and commensurate horizontal drilling opportunities it provides.
Los datos específicos de la producción inicial de la formación Ubaque son los siguientes:
· El pozo inició la producción con un caudal de 780 barriles de fluido por día.
· After recovery of the drilling and completion fluids, in a 12 hour production period the well produced 758 BOPD gross (379 BOPD net) with a 7% average water cut.
· El petróleo medido de la formación Ubaque muestra una gravedad API de 13°.
To efficiently manage the reservoir, the ESP is currently running at 42 Hz, minimum optimum pump frequency, and a 128/128 choke size is being used. The CN-4 well is currently on production, producing from the Ubaque formation at 478 BOPD gross (239 BOPD net). Management's intention is to produce the well conservatively, at current rates, to ensure the highest estimated ultimate recovery (EUR). This approach will provide significant operational flexibility.
The CN-4 well did not test the C7 or Gacheta formations. The Ubaque production and reserves potential are considered the first priority for the Company. C7 and Gacheta potential will be unlocked with future wells and recompletions.
Los resultados de producción iniciales no son necesariamente indicativos del desempeño a largo plazo o de la recuperación final.
Pozo CN-5
The CN-5 well was spud on February 8, 2024 to test the Carrizales Noroeste prospect and reached total depth of 9,050 feet true vertical depth on February 14, 2024. Initial interpretation of the logging of this well, drilled to the west of the known pool boundary, shows 45 feet of Ubaque oil pay to base of sand. The reservoir demonstrates consistent 25% porosity and 5 Darcy permeability. CN-5 has confirmed that there is a stratigraphic component to the trapping mechanism in the Ubaque reservoir as it extends to the west and is therefore expected to add significantly to the existing Ubaque oil reserves. The Company expects to complete the well for production over the next few weeks.
Actualización de Operaciones
· The CN-6 well will spud once the CN-5 well is on production and will target the C7 Carbonara formation in a structurally high location. 3-D seismic shows considerable running room for C7 development drilling within the sizeable primary Carrizales Norte structure.
· Work continues on the construction of the Carrizales Norte Horizontal Pad ("CN B"), the Matteguafa Attic pad and the Baquiano road and pad. The Company expects to bring in a second rig for deployment at the CN B pad and a third rig for use at the Matteguafa Attic pad. The Company expects the first horizontal well at the CN B pad will be spud in Q2.
· Preliminary interpretation of the recently acquired Tapir 3D seismic program has further established the presence of an appreciable number of low risk prospects in this fertile part of the Llanos Basin. Analysis of the 3D data is ongoing, with expectations that additional prospects will be developed. This data has provided considerably more detail over the northern portion of the Tapir block.
· The Company continues to have a strong balance sheet, with no debt and over US$13 million in the bank at February 15, 2024.
· Capella production remains shut-in, waiting on government and operator meetings with communities in the area.
· The stimulation design for OP-3 and OP-4 are being reviewed internally. Expectations are that the operations will commence in Q2.
Marshall Abbott, CEO de Arrow comentó:
"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."
Para más información, póngase en contacto con:
Exploración de flechas | |
Marshall Abbott, director ejecutivo | +1 403 651 5995 |
Joe McFarlane, director financiero | +1 403 818 1033 |
Relaciones públicas de Brookline, Inc. Shauna McDonald |
+1 403 538 5645 |
| |
Canaccord Genuity (asesor nominado y conjunto Broker) | |
Henry Fitzgerald-O'Connor Jaime Asensio Jorge Grainger | 44 0 20 7523 8000 |
Auctus Advisors (Conjunto Broker) |
|
Jonathan Wright | +44 (0) 7711 627449 |
Caza de Rupert Holdsworth | |
Camarco (relaciones públicas financieras) | |
Andrés Turner | 44 0 20 3781 8331 |
Rebeca Waterworth | |
|
Acerca de Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of premiere Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. Arrow's 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol SA of such interest to Arrow. Arrow's seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol "AXL".
Declaraciones prospectivas
Este comunicado de prensa contiene ciertas declaraciones o divulgaciones relacionadas con Arrow que se basan en las expectativas de su administración, así como suposiciones e información actualmente disponible para Arrow que pueden constituir declaraciones o información a futuro ("declaraciones a futuro") bajo leyes de valores aplicables. Todas las declaraciones y divulgaciones de este tipo, que no sean de hechos históricos, que aborden actividades, eventos, resultados o desarrollos que Arrow anticipe o espere que puedan, puedan o vayan a ocurrir en el futuro (en su totalidad o en parte) deben considerarse prospectivas. buscando declaraciones. En algunos casos, las declaraciones prospectivas pueden identificarse mediante el uso de las palabras "continuar", "esperar", "oportunidad", "plan", "potencial" y "voluntad" y expresiones similares. Las declaraciones prospectivas contenidas en este comunicado de prensa reflejan varios factores materiales y expectativas y suposiciones de Arrow, que incluyen, entre otros, la evaluación de Arrow de los impactos de COVID-19, el potencial de los activos colombianos y/o canadienses de Arrow (o cualquiera de ellos individualmente), los precios del petróleo y/o gas natural, y el plan comercial de Arrow para expandir la producción de petróleo y gas y lograr márgenes operativos potenciales atractivos. Arrow cree que las expectativas y suposiciones reflejadas en las declaraciones prospectivas son razonables en este momento, pero no se puede garantizar que estos factores, expectativas y suposiciones resulten ser correctos.
Las declaraciones prospectivas incluidas en este comunicado de prensa no son garantías de rendimiento futuro y no se debe confiar indebidamente en ellas. Dichas declaraciones prospectivas implican riesgos conocidos y desconocidos, incertidumbres y otros factores que pueden causar que los resultados o eventos reales difieran materialmente de los previstos en dichas declaraciones prospectivas. Las declaraciones prospectivas contenidas en este comunicado de prensa se realizan a partir de la fecha del presente y la Compañía no asume ninguna obligación de actualizar públicamente o revisar ninguna declaración prospectiva, ya sea como resultado de nueva información, eventos futuros u otros, a menos que así se requiera. por las leyes de valores aplicables.
Ni TSX Venture Exchange ni su Proveedor de servicios de regulación (como se define ese término en las políticas de TSX Venture Exchange) aceptan responsabilidad por la idoneidad o precisión de este comunicado.
Glosario
API: una Gravedad específica escala desarrollada por el American Petroleum Institute (API) para medir la densidad relativa de varios líquidos derivados del petróleo, expresada en grados.
Bopd: barriles de petróleo por día
boe/d: barriles de petróleo equivalente por día
Declaración de persona calificada
The technical information contained in this announcement has been reviewed and approved by Grant Carnie, senior non-executive director of Arrow Exploration Corp. Mr. Carnie a past member of the Canadian Society of Petroleum Engineers, holds a B.Sc. in Geology from the University of Alberta and has over 40 years' experience in the oil and gas industry.
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