Page 17 - LatAmOil Week 08 2023

LatAmOil NEWS IN BRIEF LatAmOil

She was Director of Operations and Services net oil pay over three intervals); Lower Gacheta Company’s objective of achieving a production
of the Olympic Public Authority and Director (39 feet net oil pay over four intervals). Inter- rate of 3,000 boepd within 18 months of its AIM
of Institutional Relations, accumulating the val thicknesses are not necessarily indicative of listing (completed in October 2021). This is an
Financial Directory of the company NORTE long-term performance or ultimate recovery. exciting time for Arrow, and we look forward to
ENERGIA SA. She was full member of the Audit It is expected that the RCE-3 well will begin providing further updates on our progress.”
Committee of CAIXA Econômica Federal, full production in early March 2023. The rig will Operations Update, Carrizales Norte: Arrow
member of the Risk Committee of CAIXA; Pres- then be moved to the RCE-4 location with the has completed construction of the road, pad and
ident of the Information Technology Commit- intention that RCE-4 will spud within two days cellars for the three planned Carrizales Norte
tee of CAIXA Econômica Federal. She was a full of RCE-3 being brought on production. (CN) wells. The wells are expected to be drilled
member of the Deliberative Council and of the Marshall Abbott, CEO of Arrow commented: immediately following RCE-5 and mobilisation
Fiscal Council of Fundação dos Economiários “We’re happy with the rig performance and the of the rig to the new CN pad.
Federais, FUNCEF. She was full member of the speed target depth was reached. We are also 3D Seismic Project, Tapir Block: Surveying
Board of Directors of CAIXA Capitalização SA encouraged by the log results of RCE-3, the operations are ongoing within the 134-square
and alternate member of the Fiscal Council of fourth well drilled by Arrow on the Tapir block. km 3D seismic project on the Tapir block.
CAIXA Consórcios SA. She is currently a mem- RCE-3 has confirmed the continuity of oil-bear- Equipment testing will commence this week and
ber of CAIXA’s Audit Committee. ing intervals seen in adjacent wells, and discov- Arrow anticipates recording operations to begin
Sergio Caetano Leite holds a Master’s degree ered a potential new pay zone in the Gacheta. in early March. Data acquisition is scheduled to
in Economics and Management and is a CVM “We’re currently completing the C7 zone, tar- be completed in April 2023.
certified portfolio and investment fund man- geting to be on stream in early March. This will Capella Field: The Capella field, which Arrow
ager, with international experience in invest- increase Arrow’s production and reserves. Fol- has a 10% interest in, has been shut in since Feb-
ment banking and mergers and acquisitions in lowing, the Company’s procedures, Arrow will ruary 7, 2023, due to road blocks and protests in
Brazil and abroad. He worked for over 15 years bring RCE-3 on slowly and increase production the immediate area. The Capella field is operated
in the oil industry as a financial consultant and in to best manage the oil reservoir. by a third party. Discussions are continuing with
capital markets in fund management and fidu- “Arrow’s current production is providing representatives from the government, protesters
ciary administration, serving institutional and positive cashflow for the Company during a and the field operator. Management is seeking
structured funds. Recently, he served as under- high commodity price environment. Con- solutions to help resolve the protesters’ concerns.
secretary of the North-east Consortium respon- tinued strong production rates from existing Arrow’s share of the Capella field production is
sible for the Thematic Chambers of Sanitation, tied-in wells combined with the encouraging approximately 280 bpd.
Energy (Renewable Energy, Oil and Gas), and results from new wells in Colombia support the Arrow Exploration, 21 February 2023
Infrastructure and Investment. He also coordi-
nated the Consortium’s Investment Platform,
structuring more than BRL2bn in financing for
the member states in the last three years.
Any other indications will be communicated
to the market in due course.
Petrobras, 17 February 2023

PROJECTS & COMPANIES
Arrow reaches target

depth on RCE-3 well

Arrow Exploration, the high-growth operator
with a portfolio of assets across key Colombian
hydrocarbon basins, has provided an update
on the drilling of Rio Cravo Este-3 (RCE-3), an
appraisal well on the Tapir Block in the Llanos
Basin of Colombia, and has provided an oper-
ations update.
RCE-3 Update: The RCE-3 well reached total
depth on February 16, 2023. RCE-3 is location
within the Rio Cravo Este oil field, located on
the Tapir Block in the Llanos Basin of Colombia.
The well was drilled to a total measured depth
of 8,880 feet (8,087 feet true vertical depth) and
encountered seven hydrocarbon bearing inter-
vals totaling 58 net feet of oil pay (measured
depth).
The following hydrocarbon bearing inter-
vals have been identified: Carbonera C7 (19 feet

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