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Arrow Exploration Corp. (AXL:TSX.V; AXL:LSE) announced favorable developments regarding the Rio Cravo Este-6 (RCE-6) and Oso-Pardo 3 wells in Colombia, reported Auctus Advisors analyst Stephane Foucaud in a November 16 research note. "The discovery in the Ubaque at RCE and additional volumes at Oso Pardo are expected to be accretive to our core and risked exploration net asset value," Foucaud wrote. 224% Implied Gain Accordingly, Auctus reiterated its £0.55 per share price target on the Alberta-based oil and gas company, currently trading at about £0.17 per share. From the current price, the return to target represents a robust return for investors of 224%. Flow Rate Surprise In the high-quality upper C7 sand, the RCE-6 well encountered 16 feet of pay and now is flowing naturally at a higher rate than expected, Foucaud reported. The flow rate is 834 barrels per day (834 bbl/d), 417 bbl/d net to Arrow, which holds a 50% interest in the asset. "This initial rate is above our expectations of 700 bbl/d," Foucaud wrote. Positive Test Result In the Ubaque formation, the RCE-6 well encountered 7 feet of high-quality pay with an average porosity of 24%. The zone was tested at an oil rate of […]
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