Arrow Exploration production now exceeds 5,000 barrels a day as well roll-out continues

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) said gross corporate production has risen above 5,000 barrels of oil equivalent per day after three new Icaco wells entered production on the Tapir Block in Colombia. The strongest initial contribution came from IC-HZ5, which is producing 1,270 barrels of oil per day gross, or 635 bopd net to Arrow, from the Ubaque formation while the well continues to clean up. The horizontal well was drilled on time and under budget and also encountered around 20 feet of net oil pay in the C7 formation. Vertical well IC-3 is producing around 250 bopd gross, 125 bopd net, at a restricted rate from the Gacheta after encountering 50 feet of combined net pay across three formations. IC-HZ4, meanwhile, is producing 150 bopd gross after water reduced output from a peak of 799 bopd, with Arrow assessing ways to improve oil production efficiency. Arrow, which has a 50% beneficial interest in Tapir, estimated its cash balance at US$27.5 million as of 1 August and remains debt-free. Five further drilling cellars have been constructed at Icaco, with IC-6 planned as a vertical well targeting the C7, Gacheta and Ubaque formations.