REG - Arrow Exploration - Arrow Announces Exploration Well IC-1 Log Results

Arrow ExplorationAnnouncement

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RNS Number : 0625E  Arrow Exploration Corp.  13 May 2026

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ARROW ANNOUNCES EXPLORATION WELL IC-1 LOG RESULTS

Icaco 1 successfully drilled and logs analyzed

CALGARY, May 13, 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
operational activity at the Icaco field on the Tapir Block in the Llanos Basin
of Colombia where Arrow holds a 50 percent beneficial interest.

Icaco-1 Exploration Well

The Icaco 1 exploration well (IC-1) was spud May 5, 2026, and reached target
depth on May 9, 2026.  The IC-1 well was drilled, on time and under budget,
to a total measured depth of 7800 feet (7524 feet true vertical depth) and
encountered multiple hydrocarbon-bearing intervals.

Log analysis shows 30 feet of pay in the Carbonera C7  formation, 15 feet of
pay in the Gacheta formation and 26 feet of pay in the Ubaque formation.

Arrow plans to production test the IC-1 well in the three formations that are
hydrocarbon-bearing on petrophysical analysis, the Carbonera C7, Gacheta and
Ubaque.  After tests and clean up of the wells has been completed, over the
coming weeks, Arrow will provide production testing results.

 

Marshall Abbott, CEO of Arrow commented:

"We are very encouraged by the well log results of the Icaco 1 exploration
well.   The upcoming tests, and any subsequent development wells, will give
Arrow an indication of the magnitude of the discovery. These initial drilling
results are better than we anticipated and display once again the hydrocarbon
density of the Tapir Block."

"The Icaco prospect, highlighted by the proprietary 3-D seismic, supports the
scope and repeatability of this suite of conventional reservoirs in Tapir
Block."

"Arrow has now drilled five successful exploration wells in the Tapir Block
which have subsequently resulted in 40 development wells. This demonstrates
significant value additions to the Company. Management looks forward to
updating shareholders on the exciting progress at Icaco in the near term."

 

 

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

 Rory Blundell

 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.

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").

 

Glossary

Pay                         A reservoir or portion of
a reservoir that contains economically producible hydrocarbons

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