Arrow Exploration Corp. has recently provided an update on its CN-4 and CN-5 wells on the Ubaque formation in Columbia. The company reported that the CN-4 well has reached its target depth and has a flow rate of 780 barrels per day, producing 758 barrels within a 12-hour period. The oil from this well has a gravity of 13 degrees, as measured by the American Petroleum Institute. Additionally, the CN-5 well, which reached its total depth on February 14, 2024, is expected to be ready for production in the next several weeks.

Marshall Abbott, the CEO of Arrow, expressed optimism about the company’s future prospects, stating, ‘The thick pay zones encountered in the CN-4 and CN-5 wells underpin the step change in value that has been created. The company expects material reserves additions and production from further development of the multizone potential at Carrizales Norte.’

In addition to the company’s update, Charles Kennedy, in a report for Ahead of the Herd, anticipates a recovery in the oil market, signaling potential upward movement for oil and diesel prices.