LONDON (ShareCast) - (Sharecast News) - Arrow Exploration announced on Tuesday that it has reached target depth on the Alberta Llanos-1 (AB-1) exploration well, located on the Tapir Block in Colombia's Llanos Basin.
The AIM-traded company said the well, drilled using the contracted Petroworks rig, successfully reached a measured depth of 9,960 feet, or 8,846 feet true vertical depth, on 13 December.

It said the well targeted a significant three-way fault-bounded structure with multiple reservoir objectives.

Initial log interpretations indicated the presence of four hydrocarbon-bearing reservoirs - C7, Gacheta, Guadalupe, and Ubaque - accounting for a total true vertical depth of 121 feet.

Arrow said it planned to start production testing shortly, following the positive results from the logging phase.

"We're extremely pleased with the log results on the exploration well at the Alberta Llanos prospect on the Tapir Block," said chief executive officer Marshall Abbott.

"The success of this well could result in additional production, additional reserves and a new core area for Arrow with additional follow up development wells.

"At this time, the Ubaque and Guadalupe reservoirs indicate significant potential for horizontal well exploitation. The next steps are to put the well on production."

Abbott said that once AB-1 was on production, the rig would immediately move to drill AB-2 to further evaluate this discovery.

"We look forward to updating stakeholders with the near-term completion news at AB-1 and further updates as we continue our extensive work program in Colombia."

At 1318 GMT, shares in Arrow Exploration Corporation were up 5.98% at 23.05p.

Reporting by Josh White for Sharecast.com.

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