REG - Arrow Exploration - Arrow Announces Appraisal Wells M-9HZ, M-10 Result

Arrow ExplorationAnnouncement

02/03/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260302:nRSB8811Ua&default-theme=true

RNS Number : 8811U  Arrow Exploration Corp.  02 March 2026

NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.

ARROW ANNOUNCES APPRAISAL WELLS M-9HZ, M-10 RESULTS

M-9HZ and M-10 successfully drilled and on production

CALGARY, March 2, 2026 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL)
("Arrow" or the "Company"), the high-growth operator with a portfolio of
assets across key Colombian hydrocarbon basins, is pleased to provide an
update on the operational activity at the Mateguafa Attic field on the Tapir
Block in the Llanos Basin of Colombia where Arrow holds a 50 percent
beneficial interest.

Mateguafa 10 well

The Mateguafa 10 well (M-10) was spud on February 11, 2026, and reached target
depth on February 18, 2026.  The M-10 well was drilled, on time and under
budget, to a total measured depth of 10,930 MD feet (9,294 feet true vertical
depth) and encountered multiple hydrocarbon-bearing intervals.

Arrow put the M-10 well on production February 24, 2026 in the Carbonera C7
formation ("C7"), which has approximately 20 feet of net oil pay (true
vertical depth) at this location. The pay zone is a clean sandstone exhibiting
an average porosity of 20% with high resistivities. An electric submersible
pump (ESP) has been inserted in the well after perforating.

The M-10 well also encountered approximately 25 feet of net oil pay (true
vertical depth) in the Carbonera C9 formation ("C9").  Arrow plans to test
this formation in future wells.

The well was put on production at a heavily restricted rate, 25/128 choke and
30 Hz pump frequency, of approximately 1,100 BOPD gross (550 BOPD net). The
oil quality is 31° API and there is a 6% water cut (completion fluid and
formation water).

The testing results indicate the well is capable of higher rates and the
ultimate flow rate will be determined in the first few weeks of production.

Initial production results are not necessarily indicative of long-term
performance or ultimate recovery.

Mateguafa 9HZ well

The Mateguafa HZ (M-9HZ) well was spud on January 21, 2026, and reached target
depth on February 7, 2026.  The M-9HZ well was drilled, on time and on
budget, to a total measured depth of 15,025 MD feet (8,427 feet true vertical
depth) and encountered multiple hydrocarbon-bearing intervals, including the
Gacheta, the C9 and the C7.

Arrow put the M-9HZ well on production on February 10, 2026, in the C9
formation, which has approximately 5,025 feet of horizontal oil-bearing
section.  The M-9HZ is the longest horizontal well Arrow has drilled in
Colombia.  The pay zone is a clean sandstone exhibiting an average porosity
of 23% with high resistivities. An ESP has been inserted in the well after
perforating.

The well was put on production at a restricted rate, 31/128 choke and 38 Hz
pump frequency, of approximately 850 BOPD gross (425 BOPD net). The oil
quality is 31° API and there is a 16% water cut (completion fluid and
formation water).

Arrow is currently in the process of increasing the pump frequency on this
well to encourage oil production from the toe section of the well.  The
testing results indicate the well is capable of higher rates and the ultimate
flow rate will be determined in the first few weeks of production.

Initial production results are not necessarily indicative of long-term
performance or ultimate recovery.

Mateguafa 8 well

The decision has been made to convert the Mateguafa 8 (M-8) well into a water
disposal well.  The Mateguafa pad will require water disposal facilities to
keep operating costs down, and the M-8 well is an excellent candidate for
water disposal.  The well has discontinued production and the rig has been
moved to the M-8 location to begin the recompletion.  The recompletion is
expected to take one week, and regulatory approval is expected to take another
six weeks.  The water disposal well will then begin operations when required.

Mateguafa HZ7 well

The Mateguafa HZ7 (M-HZ7) which reached target depth on December 4, 2025, is
continuing to produce strongly, with current production approximately 1,250
BOPD gross (625 BOPD net) with an 11% water cut. The M-HZ7 well is producing
from the C9 formation.  The well has experienced very low decline rates
during this initial production phase.

Mateguafa 6 well

Production from the Mateguafa 6 well (M-6) is currently approximately 410 BOPD
gross (205 BOPD net) with a 40% water cut. The M-6 well is producing from the
C7 formation.

Mateguafa 5 well

The Mateguafa 5 well (M-5) is producing at a current rate of approximately 676
BOPD gross (338 BOPD net) with a 71% water cut. The M-5 well is producing from
the C9 formation.

Forward Drilling Plans

After the Mateguafa 8 recompletion, the Company plans to move the rig to the
Mateguafa 11 (M-11) location, which will be a vertical well with both C7 and
C9 targets.  After M-11 the rig will move to the newly completed Icaco pad to
drill an exploration well, which is expected to spud in April.

Production

Including the restricted production from the M-9HZ and M-10 wells, total
corporate production is approximately 4,900 boe/d.  The CN-7 well remains
shut in due to pump failure.  When shut in the well was producing 250 BOPD
gross (125 BOPD net).

Cash Balance

On February 1, 2026, the Company's cash balance was US$7.2 million.  This
reflects the increased activity drilling wells on the Mateguafa pad,
completing the Icaco pad and initiating operating costs savings projects in
the field. The Company continues to have no debt.

 

Tapir Extension

Arrow and its partner in the Tapir block remain in discussions with
authorities on the extension of the Tapir block.  To date the dialog has been
very constructive.  Arrow is confident that all conditions required for the
extension to be granted have been met and management remains very confident
that the extension will be granted.  The Company will continue to update the
market on developments as they occur.

 

 

Marshall Abbott, CEO of Arrow commented:

"The success of the M-9HZ and M-10 wells reinforce the materiality of the
Mateguafa field to Arrow.  The initial discovery and development of Mateguafa
demonstrate the resource-rich potential of the Tapir block and the experience
of the professional team at Arrow to quickly unlock that potential. The
initial development wells drilled at Mateguafa continue to produce at
considerable rates with low decline, with significant further pay seen in
formations to which Arrow plans to return at a later date."

"After drilling and putting the M-11 well on production, Arrow plans to move
the rig to the newly finished Icaco pad.  The Icaco prospect is one that has
been developed by the Arrow team using both 2D seismic and later the more
recently shot 3D seismic program.  Management believes the Icaco prospect
will also result in a material discovery for Arrow.  We look forward to
updating our shareholders on the progress at Icaco over the coming months."

 

 

 

 

For further Information, contact:

 Arrow Exploration
 Marshall Abbott, CEO                                                +1 403 651 5995
 Joe McFarlane, CFO                                                  +1 403 818 1033

 Canaccord Genuity (Nominated Advisor and Joint Broker)
 Henry Fitzgerald-O'Connor                                           +44 (0)20 7523 8000

 James Asensio

 George Grainger

 Auctus Advisors (Joint Broker)
 Jonathan Wright                                                     +44 (0)7711 627449
 Rupert Holdsworth Hunt

 Hannam & Partners (Joint Broker)
 Leif Powis                                                          +44 20 7907 8500
 Samuel Merlin

 Camarco (Financial PR)
 Owen Roberts                                                        +44 (0)20 3781 8331
 Rebecca Waterworth

About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned
subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio
of premier Colombian oil assets that are underexploited, under-explored and
offer high potential growth. The Company's business plan is to expand oil
production from some of Colombia's most active basins, including the Llanos,
Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is
predominantly operated with high working interests, and the Brent-linked light
oil pricing exposure combines with low royalties to yield attractive potential
operating margins. By way of a private commercial contract with the recognized
interest holder before Ecopetrol S.A., Arrow is entitled to receive 50% of the
production from the Tapir block. The formal assignment to the Company is
subject to Ecopetrol's consent.  Arrow's seasoned team is led by a hands-on
executive team supported by an experienced board. Arrow is listed on the AIM
market of the London Stock Exchange and on TSX Venture Exchange under the
symbol "AXL".

 

Forward-looking Statements

This news release contains certain statements or disclosures relating to Arrow
that are based on the expectations of its management as well as assumptions
made by and information currently available to Arrow which may constitute
forward-looking statements or information ("forward-looking statements") under
applicable securities laws. All such statements and disclosures, other than
those of historical fact, which address activities, events, outcomes, results
or developments that Arrow anticipates or expects may, could or will occur in
the future (in whole or in part) should be considered forward-looking
statements. In some cases, forward-looking statements can be identified by the
use of the words "continue", "expect", "opportunity", "plan", "potential" and
"will" and similar expressions. The forward-looking statements contained in
this news release reflect several material factors and expectations and
assumptions of Arrow, including without limitation, Arrow's evaluation of the
impacts of COVID-19, the potential of Arrow's Colombian and/or Canadian assets
(or any of them individually), the prices of oil and/or natural gas, and
Arrow's business plan to expand oil and gas production and achieve attractive
potential operating margins. Arrow believes the expectations and assumptions
reflected in the forward-looking statements are reasonable at this time, but
no assurance can be given that these factors, expectations, and assumptions
will prove to be correct.

The forward-looking statements included in this news release are not
guarantees of future performance and should not be unduly relied upon. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. The forward-looking
statements contained in this news release are made as of the date hereof and
the Company undertakes no obligations to update publicly or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Glossary

API:        A specific gravity
(https://glossary.oilfield.slb.com/en/terms/s/specific_gravity)  scale
developed by the American Petroleum Institute (API
(https://glossary.oilfield.slb.com/en/terms/a/api) ) for measuring the
relative density of various petroleum liquids, expressed in degrees.

BOPD:   barrels of oil per day

boe/d:  barrels of oil equivalent per day

Qualified Person's Statement

The technical information contained in this announcement has been reviewed and
approved by Grant Carnie, senior non-executive director of Arrow Exploration
Corp. Mr. Carnie was formerly a member of the Canadian Society of Petroleum
Geologists, holds a B.Sc. in Geology from the University of Alberta and has
over 35 years' experience in the oil and gas industry.

This Announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFZGGFRMRGVZM



            Copyright 2019 Regulatory News Service, all rights reserved