Arrow Exploration Corp. (LSE:AXL) has brought the Mateguafa HZ12 appraisal well into production at Colombia’s Tapir Block, adding restricted gross output of approximately 564 barrels of oil per day. The company said the well confirmed multiple hydrocarbon-bearing zones within the Carbonera C9 and C7 formations.
The well was completed on schedule and below budget, helping support gross corporate production of around 5,000 barrels of oil equivalent per day. Arrow also highlighted its strong financial position, reporting cash holdings of US$24.2 million and no debt, despite temporarily shutting in its Pepper gas field in Alberta because of weak gas prices.
Icaco Exploration Well and Tapir Workovers Target Further Growth
In addition to the Mateguafa development, the company has started drilling the Icaco-1 exploration well from the Icaco pad and is preparing a series of workover operations on the Tapir block aimed at increasing production through recompletions.
Management said discussions regarding an extension of the Tapir block contract remain constructive. The company believes ongoing success at both Mateguafa and the Icaco prospect further strengthens Arrow’s growth outlook within Colombia’s Llanos Basin and could support future development programmes and sustained production increases.
More about Arrow Exploration Corp
Arrow Exploration Corp. is a publicly traded oil and gas producer focused on underdeveloped, high-growth assets across Colombia’s Llanos, Middle Magdalena Valley and Putumayo basins. The company operates a predominantly Brent-linked light oil portfolio characterised by high working interests and low royalty exposure, and its shares trade on both London’s AIM market and the TSX Venture Exchange under the ticker AXL.
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