Operational Update and 2025 Year-End Reserves
Executive Summary
- Arrow Exploration released its 2025 year‑end reserves report (independent evaluation by Boury Global Energy Consultants) showing a modest decline in total proved plus probable & possible reserves to 20,102 Mboe (‑10% YoY).
- Operational update highlights the Mateguafa 11 well (MD 11,455 ft; net pay 18 ft C7, 30 ft C9) now ready for perforation and production, with a horizontal development well (M‑12Hz) slated to spud by end‑March and subsequent Icaco 1 exploration drilling.
- Corporate production stands at ~5,325 boe/d; additional output from M‑11 is expected imminently.
Key Details
- Reserves Summary (Working Interest Gross, Mboe):
- Proved Developed Producing: 1,801 (‑24% YoY) – Colombia core 1,404, Canada 397.
- Proved Developed Non‑Producing: 693 (+72%) – Colombia core 297, non‑core 396.
- Proved Undeveloped: 2,921 (‑3%).
- Total Proved: 5,415 (‑7% YoY).
- Probable: 6,360 (‑19%).
- Possible: 8,327 (‑4%).
-
Total Proved + Probable + Possible: 20,102 Mboe (‑10% YoY).
-
Net Present Value (NPV) @ 10% – Before Tax ($ thousands):
-
Total Proved + Probable + Possible: $472,670 (‑10% YoY).
-
NPV @ 10% – After Tax ($ thousands):
-
Total Proved + Probable + Possible: $285,628 (+2% YoY).
-
Undiscounted Forecast Revenues & Costs (2025):
- Total Proved revenue: $293.1 M; operating cost $74.9 M; royalties $26.4 M; net after‑tax revenue $98.2 M.
-
Total Proved + Probable revenue: $663.9 M; net after‑tax revenue $221.5 M.
-
Oil & Gas Price Assumptions (BouryGEC):
- Brent price 2026 forecast $67/bbl, rising to $80.12/bbl by 2032.
-
AECO‑C spot gas C$3.05/MMBtu in 2026, climbing modestly to C$3.80/MMBtu by 2032.
-
Drilling Update – Mateguafa 11 (M‑11):
- Total measured depth: 11,455 ft (9,328 ft TVD).
- Net pay encountered: 18 ft (C7) and 30 ft (C9) oil‑bearing sands.
-
Perforation planned on C7; production expected in coming weeks.
-
Future Drilling Plans:
- Horizontal well M‑12Hz targeting C9 to spud by end‑March 2026.
-
Subsequent rig move to Icaco pad for Icaco 1 (I‑1) exploration well.
-
Regulatory/License Update:
-
Ongoing discussions with Colombian authorities on extending the Tapir block license; management expects a favorable outcome.
-
Corporate Production: ~5,325 boe/d, with incremental output from M‑11 anticipated shortly.
-
Qualified Person: Grant Carnie, senior non‑executive director, reviewed and approved technical information.
Notable Quotes
“Looking out to the remainder of 2026, Arrow's prospect inventory is multifaceted and demonstrates the hydrocarbon density of the Tapir block in the fertile Llanos Basin… we look forward to a successful drilling campaign that is balanced between development and low‑risk exploratory wells.” – Marshall Abbott, CEO
All non‑material boilerplate, forward‑looking disclaimer text, and contact information have been omitted for brevity.