Tapir Block – Exploration

One of the most desirable underexplored blocks remaining

  • Operated (50% WI) with 65,154 gross acres (32,577 acres net)
  • Has not been explored in over 20 years due to historic fiscal terms
  • Restructured Ecopetrol contract that now mimics ANH contract terms
  • Drilling EIA (1) application has been submitted to and has been approved by ANH (2)
  • 6 separate fault trends identified

Activity:

  • Arrow earned a 50% 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

Notes:
(1) Colombia’s Agencia Nacional de Hidrocarburos
(2) Environmental Impact Assessment