Arrow Announces Appraisal Well M-8 Results
Executive Summary
- Arrow Exploration provided a detailed update on the Mateguafa Attic field, reporting initial production from newly spudded wells and ongoing output from existing wells.
- Total corporate production is now approximately 4,625 boe/d, driven primarily by the new M‑8 well (≈230 BOPD gross) and strong performance of existing wells (M‑HZ7, M‑6, M‑5).
- The company holds US$11.5 million in cash, carries no debt, and is advancing drilling plans on additional pads (M‑9HZ, M‑10/11, Icaco) with flexibility to adjust operations based on oil price dynamics.
Key Details
- Mateguafa 8 (M‑8) Well
- Spudded Dec 14 2025; reached target depth Dec 18 2025. Measured depth 9,764 MD ft (9,308 ft TVD).
- Produced from C9 formation: ~30 ft oil pay, 23 % porosity, ESP installed.
- Restricted initial rate: ≈230 BOPD gross (115 BOPD net) at 21/128 choke, 30 Hz pump; API 31°, water cut 78 %.
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C7 sands tested uneconomic; future strategy to exploit C7 zone under review.
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Mateguafa HZ7 (M‑HZ7) Well
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Current production: ≈1,300 BOPD gross (650 BOPD net); water cut 8 %; producing from C9 formation; low decline observed.
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Mateguafa 6 (M‑6) Well
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Current production: ≈465 BOPD gross (232 BOPD net); water cut 20 %; producing from C7 formation.
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Mateguafa 5 (M‑5) Well
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Current production: ≈780 BOPD gross (390 BOPD net); water cut 60 %; producing from C9 formation.
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Mateguafa Horizontal 9 (M‑HZ9)
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Spudded Jan 21 2026; targeting C9 formation; expected drill & complete in ~3 weeks, then placed on production. Originally planned as a water disposal well but reengineered to a producer due to lower-than-forecast water production.
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Future Development Wells
- M‑10 and M‑11 slated for drilling shortly after M‑HZ9; two additional cellars being built at the pad.
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Post‑Mateguafa development, rig will move to Icaco pad (exploration well spudding Q2 2026). Five cellars under construction; expected ready late Feb 2026.
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Corporate Production
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Including restricted M‑8 output, total corporate production ≈ 4,625 boe/d (excludes CN‑HZ7 which was shut due to pump failure).
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Financial Position
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Cash balance as of Jan 1 2026: US$11.5 million; no debt outstanding.
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Tapir Block Extension
- Ongoing constructive discussions with authorities; management confident extension conditions have been met and expects a positive outcome.
Notable Quotes
“With M‑8 successfully encountering the C9 formation, we continue to view this as an excellent producing zone… The M‑8 well reinforces the materiality that the Mateguafa Attic discovery represents for Arrow.” – Marshall Abbott, CEO
All boilerplate, forward‑looking statements, and disclaimer sections have been omitted.