Tapir Block – Production at Rio Cravo Este (RCE) and Exploration at Carrizales Norte

One of the most desirable underexplored blocks in Colombia

  • Beneficial 50% WI with 65,154 gross acres (32,577 acres net)
  • 2020 year-end 3P reserves of 3.9 MMbbls (gross) / 1.9 MMbbls (net to Arrow’s W.I.)
  • A series of oil fields lie primarily to the southeast along a similar fault trend with a combined 38.5 MMbbls produced as of the end of 2020
  • Had not been explored in over 20 years due to historic fiscal terms, which are now significantly improved
  • 6 separate fault trends identified


  • Arrow earned a 50% beneficial working interest in Tapir Block with no further work commitments or land expiries for 20 years
  • Drilled Rio Cravo Este-1 (“RCE-1”) exploration well in April 2019
    • RCE-1 was spud on April 25, 2019 and reached a total depth of 10,000 feet (measured depth) within the Ubaque Formation
  • The well encountered 103 feet of net oil pay (true vertical depth) with most of the pay indicated on logs within the C7, Gacheta, and Ubaque formations
  • Oil production over the test period averaged 613 bbls/d of 28.3 API oil
  • A peak oil rate of 1,172 bbls/d was recorded and the well did not produce any natural gas during the production test
  • RCE-1 well re-started in Dec. 2020; producing 145 bbls/d 28 deg. API oil, net (as of October 2021)
  • Low operating costs c. US$15/bbl
  • Play type is well-defined and has scope and repeatability; majority of wells in the Llanos Basin pursue this play type

Carrizales Norte Prospect:

  • The original Carrizales Field (proximate to Carrizales Norte Prospect):
    • Discovered by C&C Energia in 2007 with the Carrizales-1 well – led to $500 million sale of C&C. Frontera Energy is the current operator.
    • 24 wells have been drilled to date
    • As of December 2019, the field had produced approximately 8.4 MMbbls oil and had achieved a peak oil production rate of 7,300 bbls/d
  • Arrow sees potential for 4-5 development wells at Carrizales Norte, with Carrizales Norte -1 seen as a low-risk step-out well from the Carrizales Field
  • Within the vicinity of the Tapir block, the average peak or test rate from the three main producing formations is approximately 1,100 bbls/d, with some rates in excess of 2,000 bbls/d
  • Arrow estimates a very high chance of commercial success (over 90%)

(1) By way of a private commercial contract with the recognized interest holder before Ecopetrol S.A., Arrow is entitled to receive 50% of the production from the Tapir block.
(2) Environmental Impact Assessment