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Arrow Exploration abandons Mateguafa Oeste-1 exploration well
(Sharecast News) - Energy company Arrow Exploration said on Wednesday that the Mateguafa Oeste-1 exploration well, drilled on the Tapir Block, had proved unsuccessful. Arrow said the well reached a total measured depth of 9,718 feet and a true vertical depth of 9,399 feet. It encountered 27 feet TVD of reservoir sands at the C7 zone and 290 feet TVD at the Ubaque zone.
However, Arrow said both zones exhibited "thin oil pay over water". As a result, the MO-1 well will be abandoned due to the lack of an economic discovery, with the drilling rig now moving to the Mateguafa Attic field to drill the Mateguafa-5 well, targeting both the C7 and Ubaque reservoirs, with plans for three additional wells contingent on its success.
The AIM-listed group said Mateguafa Oeste-1 was its first "dry hole" in 40 wells to date at the 50%-owned Colombian project.
Chief executive Marshall Abbott said: "The results of the Mateguafa Oeste-1 exploration well provide calibration for existing future prospects. The well was drilled under budget, and successfully hit the reservoirs as delineated by geological and geophysical control. The well had thin oil pay over water and was deemed uneconomic."
As of 0950 BST, Arrow shares had sunk 11.26% to 11.98p.
Reporting by Iain Gilbert at Sharecast.com
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