Credit: Shutterstock photoAroway Energy Inc. (ARW.V) has drilled, cased and logged its first well on its 100% owned and operated Kirkpatrick Lake property in Central, Alberta. The well was drilled to a total depth of 1,132 meters targeting the Ellerslie formation.
The rig will soon move on to the company's second exploration location also targeting oil in the Ellerslie formation with drilling operations expected to begin in the next few days. Drilling is expected to be completed before year end with completion in early January 2013.
ARW has fallen to 43 cents by 1%, almost hitting year low $0.415. Volume traded is over 35,000.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
