Ar­row tests av­er­age of 939 bbl/d at Danes-1 well

Stockwatch Daily - - ENERGY - Mr. Gary Wine re­ports

AR­ROW EX­PLO­RATION Corp. has re­leased the test re­sults of the Danes-1 ex­plo­ration well, lo­cated on the LLA-23 block in the Llanos basin of Colom­bia. The Danes-1 ex­plo­ration well was per­fo­rated and tested in the Ga­cheta D2 sand, which was one of three prospec­tive zones iden­ti­fied by logs. Af­ter sta­bi­liz­ing the well con­di­tions at 19 hours on Dec. 3, 2018, us­ing a 64/64-inch choke, a 24-hour test was per­formed where the well av­er­aged 939 bar­rels of oil per day (bbl/d) with neg­li­gi­ble wa­ter cut (less than 0.1 per cent) us­ing an elec­tric sub­mersible pump (ESP) op­er­at­ing at a fre­quency of 30 hertz and was brought up to a peak flow rate of 1,186 bbl/d (wa­ter cut less than 0.1 per cent) at an ESP fre­quency of 34.5 hertz. Danes-1 has been placed on pro­duc­tion with the oil pro­cessed through Ar­row’s 100-per-cent-owned fa­cil­i­ties at Pointer. The Danes-1 ex­plo­ration well tar­geted var­i­ous reser­voir in­ter­vals within the Danes prospect, sit­u­ated ap­prox­i­mately eight kilo­me­tres to the north of Ar­row’s pro­duc­tion fa­cil­i­ties at Pointer.

Danes-1 re­sults

Danes-1 was spud on Oct. 25, 2018, and reached a to­tal depth of 11,276-feet-mea­sured depth within the Ubaque for­ma­tion.

The top of the Ga­cheta D2 sand reser­voir was pen­e­trated at a depth of ap­prox­i­mately 11,012-feet-mea­sured depth and the Ga­cheta D3 sand reser­voir at ap­prox­i­mately 11,046feet-mea­sured depth. Danes-1 en­coun­tered 43 feet of net oil pay in the fol­low­ing reser­voirs: 10 feet of net oil pay in the Ga­cheta D2 sand with an av­er­age poros­ity of 28 per cent, 10 feet of net oil pay in the Ga­cheta D3 sand with an av­er­age poros­ity of 18 per cent and 23 feet of net oil pay in the Ubaque with an av­er­age poros­ity of 22 per cent. Ad­di­tional thin­ner zones of po­ten­tial pay were also in­ter­preted in a lower C7 sand­stone for­ma­tion. The Ga­cheta was per­fo­rated in the D2 sand and was brought up to a peak flow rate of 1,186 bbl/d of 32 de­gree API (Amer­i­can Petroleum In­sti­tute grav­ity) oil with 0.1-per-cent wa­ter cut, 24,680 cu­bic feet per day of gas and a gas oil ra­tio of 21 stan­dard cu­bic feet per bar­rel of oil to­wards the end of a 24-hour pro­duc­tion test.

Danes for­ward plans Should the per­for­mance of the Danes-1 well sup­port the drilling of an off­set­ting de­vel­op­ment well, a li­cence is cur­rently in place to do so. The Danes-1 well has been tied into Ar­row’s 100-per-cent-owned pro­duc­tion fa­cil­i­ties at Pointer and will im­me­di­ately add ap­prox­i­mately 900 bbl/d to Ar­row’s cor­po­rate pro­duc­tion, which stood at ap­prox­i­mately 1,450 bar­rels of oil equiv­a­lent per day (boe/d) prior to Danes-1 be­ing placed on pro­duc­tion.

Op­er­a­tional up­date

Op­er­a­tions have com­menced on the first well of a planned 10-well workover pro­gram to be con­ducted over the next 10 weeks. The pro­gram con­sists of: four re­com­ple­tions and one pump change on Ar­row’s 100-per-cent-owned LLA-23 block in the Llanos basin, one pump change on Ar­row’s 100-per-cent-owned Santa Is­abel block in the Mid­dle Mag­dalena basin and four workovers on the VMM-2 block in the Mid­dle Mag­dalena basin where Ar­row owns a 40-per-cent work­ing in­ter­est.

About Ar­row Ex­plo­ration Corp.

Ar­row Ex­plo­ration Corp., op­er­at­ing in Colom­bia via its 100-per-cent-owned sub­sidiary, Car­rao En­ergy SA, is a pub­licly traded com­pany with a port­fo­lio of premier Colom­bian oil as­sets that are un­der­ex­ploited, un­der­ex­plored and of­fer high-po­ten­tial growth. The com­pany’s self-fi­nanc­ing busi­ness plan is to rapidly ex­pand oil pro­duc­tion from some of Colom­bia’s most ac­tive basins, in­clud­ing the Llanos, Mid­dle Mag­dalena Val­ley and Caguan/Pu­tu­mayo basin. The as­set base is op­er­ated with high-work­ing in­ter­ests and the Brent-linked light oil pric­ing ex­po­sure com­bine with low roy­al­ties to yield at­trac­tive po­ten­tial op­er­at­ing mar­gins. Ar­row’s sea­soned team is led by a hands-on and in-coun­try ex­ec­u­tive team sup­ported by an ex­pe­ri­enced board.

We seek Safe Har­bor.

Todd Fred­er­ick Wil­liam McAl­lis­ter, Bruce Lawrence Pachkowski, Mal­colm James Shaw, Mal­colm Fred­er­ick Wil­liam Todd, Robert Hamish Owen Todd, Colin David Watt

(AXL) Shares: 68,674,622

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