Arrow Exploration makes progress with next well at Rio Cravo Este

Arrow Exploration updated the market on the drilling of the next well, RCE-2, at the Rio Cravo Este Field in Colombia on Tuesday.

The AIM-traded firm said it was “quickly” advancing towards drilling, with the 50% partners on the Tapir Block, being itself and PetrolCo, now completing the “community socialisation” process.

It said that process included informational meetings with communities, sourcing local labour and trades, and meeting local public officials.

Following a competitive tender process to achieve the best possible terms, the partners had now executed the contract for the drilling of the well with Top Drilling Company, which it described as an experienced rig contractor based in Bogota.

The rig is a Lee C. Moore 1,500 horsepower unit, with a 500-ton top drive.

Arrow said the procurement of supplies was continuing to progress on schedule as well, with major capital items such as downhole tubulars having been acquired.

Contracts for site services, including the requisite field staffing in advance of and during the drilling operation, were also being executed.

Site preparations, including civil works, had also started.

Arrow said the partners expected RCE-2 to spud on or around 15 March, with drilling expected to take about three weeks, followed by testing.

Depending on the number of zones encountered in the well bore, the testing was expected to take around a fortnight.

“While preparations for drilling the follow-on RCS-1 well, formerly named RCE-3, are at an earlier stage, Arrow expects the RCS-1 well to spud during April,” the board added.

“The company expects to provide additional updates on the RCE-2 and RCS-1 wells in the coming weeks.”

At 1539 GMT, shares in Arrow Exploration Corporation were up 9.39% at 13.4p.