Arrow Exploration Corp. Encounters 103 Feet of Oil Pay at Rio Cravo Este-1 Exploration Well in Colombia

Source Press Release
Company Arrow Exploration Corp. 
Tags Exploration, Strategy - Upstream, Upstream Activities
Date May 15, 2019

ARROW Exploration Corp. ("Arrow" or the "Company") (TSXV: AXL) is pleased to announce preliminary results of the Rio Cravo Este-1 ("RCE-1") exploration well located on the Tapir Block in the Llanos Basin of Colombia in which Arrow holds a 50% beneficial interest. The RCE-1 exploration well was spud on April 25th, 2019 and Arrow's petrophysical analysis of the LWD logs indicates 103 feet true vertical depth ("ft tvd") of oil pay in multiple conventional sandstone reservoirs within the C7, Gacheta and Ubaque formations. The RCE-1 well was designed to test the above-mentioned formations within a fault bounded structural closure. RCE-1 was drilled ahead of schedule and below budget reaching total depth ("td") approximately 19 days after spud. Arrow intends to complete and flow test RCE-1 with the Weatherford 839 rig currently onsite.

The RCE-1 well has been drilled and cased to a depth of 10,000 feet measured depth ("ft md"). The top of the C7 zone was penetrated at a depth of approximately 8,642 ft md. Within the C7 zone, 50 ft tvd of potential net oil pay has been encountered in two separate sands, with an average porosity of 29%. The top of the Gacheta Formation was encountered at a depth of approximately 9,396 ft md. Within the Gacheta Formation, approximately 37 ft tvd of potential net oil pay has been identified within multiple sands with average porosities of 20% to 30%. The top of the Ubaque Formation was penetrated at a depth of approximately 9,876 ft md. Within the Ubaque Formation, approximately 12 ft tvd of potential net oil pay has been identified with an average porosity of 12%. Additional minor potential net pay of four ft tvd has been identified within the C3 and Mirador zones.

Bruce McDonald, President and CEO of Arrow, commented "We're pleased to have encountered a number of potential pay zones within the targeted reservoirs with the Company's second exploration well drilled in Colombia. If testing proves positive, we anticipate the well should be on productionby early June and appraisal locations are currently being assessed which would be drilled off the same pad as RCE-1."

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd