Arrow abandons Mateguafa Oeste-1, moves rig to Mateguafa Attic

Arrow Exploration provided an update on the recently drilled exploration well, Mateguafa Oeste-1, on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest. The well was spud on 21 September and reached target depth on 26 September.

The primary targets for the MO-1 were the sands of the Ubaque formation. The well was drilled to a total measured depth of 9,718 ft. The well encountered reservoir sands of 27 ft true vertical depth at the C7 zone and 290 ft TVD at the Ubaque zone.

Unfortunately, both zones exhibited thin oil pay over water. Accordingly, MO-1 well is being abandoned due to the lack of an economic discovery.

Currently the drilling rig is moving to the Mateguafa Attic field to drill a vertical exploration well, Mateguafa-5 (M-5), a step out well to Mateguafa 1 and Mateguafa 3, which together historically produced 630,000 barrels of oil out of the Carbonera zone, C7. This target is geologically independent from the Mateguafa Oeste prospect.

The M-5 well is expected to spud early November and is targeting both the C7 and Ubaque reservoirs. On the basis of a successful well at M-5, the company plans to drill three additional wells, one vertical and two horizontal, on the prospect. The company then plans to test the Icaco, Macoya and Capullo prospects.