Arrow Exploration confirms four zones at Icaco 3, opens up ~10 new drilling locations

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) CEO Marshall Abbott tells Proactive's Stephen Gunnion that the Icaco 3 well has confirmed up to four hydrocarbon-bearing zones in the Icaco extension of the Tapir Block in Colombia, opening almost 10 additional development locations across the Ubaque, Guadalupe and Carbonera C7 intervals. The IC-HZ4 and IC-HZ5 horizontal wells encountered a record Ubaque thickness of over 100 feet, containing 13.7 API crude, with Abbott saying the Ubaque trend extends across the northern part of the Tapir Block, supporting further development drilling. With five new water disposal cellars complete, Arrow is preparing to skid its rig and drill continuously until at least June next year. Abbott said production currently sits above 5,000 boe/d, with the programme expected to push output "well north" of that level. The company remains cash-flow positive above its capex spend, and Abbott said the current oil price environment supports a more aggressive drilling stance. On the Tapir Block licence extension, Abbott said he recently met Colombia's national regulator and Ecopetrol in Bogota, pointing to Arrow's track record of five discoveries, 40 development wells and $127 million invested as evidence it's the type of explorer authorities want. He described dialogue as "very positive," with a decision expected before year-end. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #ArrowExploration #AXL #oilexploration #crudeoil #Colombia #TapirBlock #Icaco #Ecopetrol #energystocks #resourceinvesting