Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) shares jumped in Tuesday morning’s deals a its well in Colombia measured some 80 metres of net pay after reaching target depth of 9,674 feet.
The Rio Cravo Este-2 well encountered five known producing horizons, the company said in a statement.
Cementing operations are currently underway in the way and will be followed by a thorough production testing programme, it added.
"From the data we have, several of the pay zones are attractive and like the RCE-1 well, we believe more than one pay zone will be productive," said chief executive Marshall Abbott.
Arrow shares - which joined London’s AIM market as a dual listing in October – were up 16% in this morning’s trading, changing hands at 15.10p each.