Arrow Exploration Corp on Wednesday said its RCE-4 well at Rio Cravo Este in Colombia has been completed in the C7-A and C7 Stringer zones.

The Calgary, Canada-based asset manager focused on Colombian hydrocarbon basins said the well is currently producing at a rate of 728 barrels of oil per day gross of oil, at an API number of 28.5 and with a 1% water cut.

The well reached its target depth on March 8, after drilling began on March 1, encountering six hydrocarbon bearing intervals, the company announced last week.

Chief Executive Officer Marshall Abbott said: ‘We are very encouraged by the initial production of RCE-4, the fifth well on the Tapir block, which has been completed in the C7-A and C7 Stringer zones with additional zones currently behind pipe. The RCE-4 well costs came in under budget and it was the quickest well drilled to date on the block

‘The RCE-4 and RCE-3 wells are currently flowing better than expected and the company is choking the wells back in an effort to manage the reservoir and discourage premature water production. Arrow plans to engage the pumps and slowly increase production once the wells have stabilized.’

Arrow Exploration shares fell 1.7% to 15.73 pence each in London on Monday afternoon.

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