Arrow Exploration Announces Re-Start of Production from the RCE-1 Well on the Tapir Block

Source: www.gulfoilandgas.com 12/8/2020, Location: South America

ARROW Exploration Corp. and Petrolco S.A., the Company’s partner on the Tapir Block in the Llanos Basin, are pleased to announce the re-start of oil production from the Rio Cravo Este-1 (“RCE-1”) well.

The partners agreed to re-start production from RCE-1 due to the increased prices of Brent crude oil and following negotiations with certain vendors to lower field operating costs related to RCE-1. The agreement to re-start production was entered into on December 1st, 2020 between Samaria Llanos Exploration (“Samaria”), an indirect subsidiary of Arrow, and Petrolco. Production resumed on December 5th, 2020.

As of December 7th, 2020, RCE-1 was producing at a rate of approximately 443 barrels of oil per day (221.5 barrels of oil per day, net to Arrow) of 28.50 API crude at a 71.4% water cut. Effective December 4th, 2020, Samaria entered into an off-take agreement with Frontera Energy Colombia Corp. (“Frontera”) with respect to oil production from the Tapir Block.

The re-start of production from RCE-1 is expected to provide Arrow with additional cash flow to help support the Company’s operations going forward. The Company has historically experienced some of its highest netback production from RCE-1, in light of the comparatively lower per barrel field operating costs on the Tapir Block.


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