Arrow Discovers New Oil Reserves in Colombia

A testing and completion program for the CN-1 discovery is under review.

Colombia is South America’s third-largest oil producer behind Brazil and Venezuela.
Map of Colombia. Selective Focus.
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Arrow Exploration encountered around 148 ft of net oil pay in its Carrizales Norte 1 (CN-1) exploration well on the Tapir Block in the Llanos Basin of Colombia. The well was spud on 1 May and reached total depth of 9,190 ft on 11 May.

The hydrocarbon-bearing intervals included 26 ft of net pay in Carbonera C7 sands. The reservoir characteristics are similar to those encountered in the highly productive Rio Cravo Este (RCE) series of wells. Another 64 ft of net oil pay was found within the Gacheta formation and 58 ft net oil pay within the Ubaque formation.

“The CN-1 discovery is an extremely important and material event for Arrow and is further evidence of the potential of the Tapir block,” said Marshall Abbott, chief executive at Arrow Exploration. “All primary targets in the well have clear indications of oil pay and have the potential to greatly increase the company’s reserves and production. Currently there are no reserves booked at the Carrizales Norte field. Apart from the exceptional technical results, the CN-1 well was drilled on time and under budget. Arrow plans to test several zones over the following weeks and then make a decision on which zone to bring on production.”

A testing and completion program is under review. Testing will likely begin with the deeper Ubaque, followed by the Gacheta, and then the highly porous and permeable C7 reservoirs. Tests will be conducted over the following weeks, with production forecast to begin in early June. The Carrizales Norte-2 well will be drilled immediately upon completion of CN-1.