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Arrow Exploration Corp ( (TSE:AXL) ) just unveiled an announcement.
Arrow Exploration Corp. announced the results of its Mateguafa Oeste-1 exploration well in Colombia’s Llanos Basin, which did not yield an economic discovery and will be abandoned. Despite this setback, the company plans to continue its exploration efforts by drilling the Mateguafa-5 well in the Mateguafa Attic field, targeting both the C7 and Ubaque reservoirs. The company remains optimistic about future prospects and plans to test additional fields, supported by recent 3D seismic data.
More about Arrow Exploration Corp
Arrow Exploration Corp. is a publicly traded company with a focus on expanding oil production in Colombia’s active basins, including the Llanos, Middle Magdalena Valley, and Putumayo Basin. The company holds a portfolio of underexploited and under-explored oil assets with high growth potential, primarily operating with high working interests and benefiting from Brent-linked light oil pricing and low royalties.
See more data about AXL stock on TipRanks’ Stock Analysis page.