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Arrow Exploration Corp ( (TSE:AXL) ) just unveiled an announcement.
Arrow Exploration Corp. announced that its Mateguafa Oeste-1 exploration well in the Tapir Block, Llanos Basin, Colombia, was drilled but deemed uneconomic due to thin oil pay over water, leading to its abandonment. Despite this setback, the company plans to continue its exploration efforts by moving the drilling rig to the Mateguafa Attic field to drill the Mateguafa-5 well, targeting both the Ubaque and C7 zones, with further plans to explore additional prospects if successful. This strategic move reflects Arrow’s commitment to leveraging its geological insights and expanding its operations, potentially impacting its market position and offering new opportunities for stakeholders.
More about Arrow Exploration Corp
Arrow Exploration Corp. is a publicly traded company with a portfolio of Colombian oil assets that are underexploited and offer high potential growth. The company operates in Colombia through its subsidiary Arrow Exploration Switzerland GmbH and focuses on expanding oil production in active basins like the Llanos, Middle Magdalena Valley, and Putumayo Basin. Arrow has a significant working interest in its assets and benefits from Brent-linked light oil pricing and low royalties, aiming for attractive operating margins. The company is listed on the AIM market of the London Stock Exchange and the TSX Venture Exchange under the symbol ‘AXL’.
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