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Arrow Exploration Puts Icaco 1 Well On production in Colombia

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Arrow Exploration Corp (AXL.V, AIM:AXL) told investors that its Icaco 1 exploration well in Colombia is now on production after encountering multiple hydrocarbon-bearing intervals, lifting total gross corporate output to around 5,100 barrels of oil equivalent per day, the company said earlier Tuesday.

IC-1, on the Tapir Block in the Llanos Basin, was drilled on time and under budget to a total measured depth of 7,800 feet. Log analysis showed 30 feet of pay in the Carbonera C7 formation, 15 feet in the Gacheta and 26 feet in the Ubaque, it added.

AXL was down $0.02 or 4.55% at $0.42 yesterday, but it remains at the high end of 52 week trading range.

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