By Jaime Llinares Taboada
Arrow Exploration Corp. said Wednesday that the Rio Cravo Sur-1 well on the Tapir Block in Colombia intersected two new oil-bearing zones.
The Colombia-focused oil exploration company said RCS-1 found six separate oil-bearing structures with a cumulative net pay of more than 55 feet. The well will be put on production after a testing program.
Chief Executive Marshall Abbott said the new two zones identified will add materially to the overall field development plan.
Shares at 0718 GMT were up 5.7% at 18.5 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
The European Central Bank confirmed that it will lift short-term rates by a quarter of a percentage point in July.
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Arrow Exploration Intersects Two New Oil Zones at Tapir in Colombia – MarketWatch
