Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL,OTC:CSTPF) (“Arrow” or the “Company”), the fast-growing operator with a portfolio of assets in key Colombian hydrocarbon basins, is pleased to provide an update on operations at the Mateguafa Attic field on the Tapir block in Colombia’s Llanos Basin, where Arrow has a 50 percent economic interest.
Mategufa 6 good
The Mateguafa 6-well (M-6) well was spudded on November 8e2025, and reached the target depth on November 15e2025. The M-6 well was drilled on time and on budget to a total measured depth of 10,000 MD feet (9,328 feet true vertical depth) and encountered multiple hydrocarbon bearing intervals.
Arrow has placed the M-6 well on production in the Carbonera C7 formation (“C7”), which has approximately 18 feet of net oil yield (true vertical depth). The pay zone is a clean sandstone with an average porosity of 20% and high resistance. After perforating, an electric submersible pump (ESP) was placed in the well.
The M-6 well also encountered approximately 30 feet of net oil yield (true vertical depth) in the Carbonera C9 Formation (“C9”) (formerly called the Guadalupe) and 13 feet of net oil yield (true vertical depth) in the Lower Gacheta. Arrow plans to test these formations in future wells.
The well was placed on production at a severely limited rate, 28/128 choke and 45 Hz pump frequency, of approximately 824 BOPD gross (412 BOPD net). The oil quality is 32° API and there is a water loss of 3% (completion fluid and formation water).
The test results indicate that the well can reach higher velocities and the final 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.
Mategufa 5 Well
The Mateguafa 5 well (M-5) continues to produce at approximately 550 BOPD gross (275 BOPD net) with a water loss of 18%. The M-5 well is producing from the C9 formation. The official designation of the formation was changed from the Guadalupe Formation to the C9 Formation after final drill cuttings analysis.
Mategufa 7 good
The Mateguafa HZ7 (M-HZ7) well was spudded on November 22i.e2025. This horizontal well targets the C9 formation, which both M-5 and M-6 encountered and reinforced the horizontal development concept. The well is expected to take two to three weeks to drill and complete and will be put on production in December.
Marshall Abbott, CEO of Arrow, commented:
“The M-6 well was drilled on time and on budget and initial production has exceeded expectations. In addition to the thick pay zones found in the C7 formation, an additional pay zone currently behind the pipe, the C9, offers further production opportunities in the future.”
“The M-6 well reinforces that the Mateguafa Attic discovery is of material importance to Arrow and we look forward to the results of the M-HZ7 horizontal well, which will further develop this discovery and help determine pool sizes and potential additions to reserves. Initial results indicate that the discovery will develop into another core area for Arrow with the potential for horizontal drilling development.”
“We look forward to providing further updates on this low-risk development drilling program.”
The company also announces the appointment of Hannam & Partners as Joint Corporate Broker to work with Canaccord Genuity and Auctus Advisors.
About Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia through an affiliate of its wholly owned subsidiary Carrao Energy SA) is a publicly traded company with a portfolio of prime Colombian oil assets that are underutilized, underdeveloped and offer high growth potential. The company’s business plan is to expand oil production from some of Colombia’s most active basins, including the Llanos, the Middle Magdalena Valley (MMV) and the Putumayo Basin. The asset base is mainly controlled by large holdings, and the exposure to Brent-related light oil pricing, combined with low royalties, provides attractive potential operating margins. Through a private commercial contract with recognized stakeholder Ecopetrol SA, Arrow is entitled to 50% of production from the Tapir block. The formal transfer 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 the TSX Venture Exchange under the symbol “AXL”.
Forward-Looking Statements
This press release contains certain statements or disclosures regarding Arrow that are based on management’s expectations, as well as assumptions made by and information currently available to Arrow, that 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, that relate to activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur (in whole or in part) in the future 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 in this press release reflect various material factors, expectations and assumptions of Arrow, including but not limited to Arrow’s evaluation of the impact of COVID-19, the potential of Arrow’s Colombian and/or Canadian assets (or any of these 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 that the expectations and assumptions reflected in the forward-looking statements are currently reasonable, but there can be no assurance that these factors, expectations and assumptions will prove to be correct.
The forward-looking statements in this press 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 press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Glossary
| API: | A specific gravity scale developed by the American Petroleum Institute (API) for measuring the relative density of various petroleum liquids, expressed in degrees. |
| BOPD: | barrels of oil per day |
| boo/d: | barrels of oil equivalent per day |
Statement from a qualified person
The technical information in this announcement has been reviewed and approved by Grant Carnie, senior non-executive director of Arrow Exploration Corp. Mr. Carnie was previously a member of the Canadian Society of Petroleum Geologists and holds a B.Sc. in Geology from the University of Alberta and has more than 35 years of experience in the oil and gas industry.
This announcement contains inside information under the UK version of the Market Abuse Regulation (EU No 596/2014) as it becomes part of the domestic law of the United Kingdom under the European Union (Withdrawal) Act 2018 (“UK MAR“).
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