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22 Feb, 2022 16:32

Arrow Exploration makes progress with next well at Rio Cravo Este

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Arrow ExplorationSharecast graphic / Josh White

Arrow Exploration updated the market on the drilling of the next well, RCE-2, at the Rio Cravo Este Field in Colombia on Tuesday.

The AIM-traded firm said it was “quickly” advancing towards drilling, with the 50% partners on the Tapir Block, being itself and PetrolCo, now completing the “community socialisation” process.

It said that process included informational meetings with communities, sourcing local labour and trades, and meeting local public officials.

Following a competitive tender process to achieve the best possible terms, the partners had now executed the contract for the drilling of the well with Top Drilling Company, which it described as an experienced rig contractor based in Bogota.

The rig is a Lee C. Moore 1,500 horsepower unit, with a 500-ton top drive.

Arrow said the procurement of supplies was continuing to progress on schedule as well, with major capital items such as downhole tubulars having been acquired.

Contracts for site services, including the requisite field staffing in advance of and during the drilling operation, were also being executed.

Site preparations, including civil works, had also started.

Arrow said the partners expected RCE-2 to spud on or around 15 March, with drilling expected to take about three weeks, followed by testing.

Depending on the number of zones encountered in the well bore, the testing was expected to take around a fortnight.

“While preparations for drilling the follow-on RCS-1 well, formerly named RCE-3, are at an earlier stage, Arrow expects the RCS-1 well to spud during April,” the board added.

“The company expects to provide additional updates on the RCE-2 and RCS-1 wells in the coming weeks.”

At 1539 GMT, shares in Arrow Exploration Corporation were up 9.39% at 13.4p.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.