Page 13 - LatAmOil Week 12 2023

LatAmOil NEWS IN BRIEF LatAmOil

INVESTMENT
Petrobras proposes

response to letter from

MME on asset sales

Petrobras, following up on the release disclosed
on March 1, 2023, informs that its Executive
Board has forwarded for the appreciation of the
Board of Directors the following proposal for
response to Letter 166/2023/GM-MME from
the Ministry of Mines and Energy (MME): We
carried out a preliminary study on the divest-
ment processes in progress and, so far, we have
not found grounds for which the projects for
which contracts have already been signed (sign-
ing) should be suspended. The processes in
which no contracts have been signed will con-
tinue to be analysed.
Petrobras, 17 March 2023

PERFORMANCE
Arrow Exploration

announces RCE-4 results

and operations update

Arrow Exploration has provided an update on
the drilling activity at Rio Cravo Este (RCE) on turned on at this time. Water cut remains at 0%. production. Arrow plans to engage the pumps
the Tapir Block in the Llanos Basin of Colombia. RCE-5: The RCE-5 well spud on March 19, and slowly increase production once the wells
RCE-4: The RCE-4 well was spud on March 2023. Management’s expectations are that target have stabilised.
1, 2023, and reached target depth on March 8, depth will be reached within the next two weeks. “The continued strong production rates
2023. RCE-4 targeted a three-way fault bounded Carrizales Norte: Once the RCE-5 well is from existing tied-in wells, combined with the
structure with multiple high-quality reservoir on production, the 1500 HP drilling rig will be encouraging results from new wells in Colom-
objectives. The well was drilled to a total meas- moved from the pad at Rio Cravo Este to the bia, continue to provide us with confidence that
ured depth of 8,546 feet (8,053 feet true verti- Carrizales Norte field where Arrow plans to drill our objective of achieving a production rate of
cal depth) and encountered six hydrocarbon three oil wells at the 3D seismic identified exten- 3,000 boepd within 18 months of the AIM list-
bearing intervals totaling 45 net feet (measured sion of the Carrizales field. ing can be achieved. This is an exciting time for
depth) of oil pay. Capella Field: The Capella field continues to Arrow, and we look forward to providing further
The well was completed in the C7-A and C7 be shut in and discussions between the govern- updates on our progress.”
Stringer zones and is currently producing from ment, protesters and the operator are ongoing. Arrow Exploration, 22 March 2023
those zones. A submersible pump has been The Company hopes for a quick resolution of
inserted but has yet to be turned on. The well is the protesters’ concerns. Further updates will be Canacol Energy achieves
currently being choked back and it is naturally given once the field is back on production.
flowing with a 25/168” choke and, in the last 24 Marshall Abbott, CEO of Arrow commented: 2P reserve replacement
hours, it has produced at a rate of 728 bpd of oil “We are very encouraged by the initial produc-
gross (364 bpd of oil net) of oil at 28.5 degrees tion of RCE-4, the fifth well on the Tapir block, ratio of 169% in 2022
API and with a 1% water cut. The Company will which has been completed in the C7-A and C7
provide a further update on production rates Stringer zones with additional zones currently Canacol Energy has reported its conventional
in due course. Initial production results are not behind pipe. The RCE-4 well costs came in natural gas and light/medium crude oil reserves
necessarily indicative of long-term performance under budget and it was the quickest well drilled for the fiscal year end December 31, 2022. The
or ultimate recovery. to date on the block. Corporation’s conventional natural gas reserves
RCE-3: The RCE-3 well is flowing at 822 “The RCE-4 and RCE-3 wells are currently are located in the Lower Magdalena Valley basin,
bpd of oil gross (411 bpd of oil net) while being flowing better than expected, and the Company Colombia. Newly discovered light/medium
choked back currently with a 21/128” choke. The is choking the wells back in an effort to manage crude oil reserves are located in the Middle Mag-
submersible pump has been inserted but not the reservoir and discourage premature water dalena Valley basin, Colombia.

Week 12 22•March•2023 www. NEWSBASE .com P13