Arrow Exploration puts M-10, M-9HZ wells on production

Executive Summary

• Arrow Exploration Corp. reported successful drilling, completion, and initial production for appraisal wells M-9HZ and M-10 at the Mateguafa Attic field (Tapir block, Colombia), with both wells producing at restricted but significant rates.
• Total corporate production stands at approximately 4,900 boe/d, supported by strong performance from M-HZ7, M-5, and M-6, while the CN-7 well remains shut in due to pump failure.
• The company maintains a $7.2M USD cash balance with zero debt, plans to advance the M-11 vertical well and Icaco exploration target, and reports constructive discussions regarding the extension of the Tapir block.

Key Details

• M-10 Well: Spudded Feb 11, 2026; reached TD Feb 18, 2026. Drilled on time/budget to 10,930 MD ft (9,294 TVD). Put on production Feb 24, 2026.
• M-10 Reservoir/Production: C7 formation, ~20 ft net oil pay (TVD). Clean sandstone, ~20% avg porosity, high resistivities. ESP installed. Restricted rate: 25/128 choke, 30 Hz pump. ~1,100 bopd gross (550 bopd net). 31° API oil, 6% water cut.
• M-10 Additional: Encountered ~25 ft net oil pay in C9 formation; planned for future testing.
• M-9HZ Well: Spudded Jan 21, 2026; reached TD Feb 7, 2026. Drilled on time/budget to 15,025 MD ft (8,427 TVD). Put on production Feb 10, 2026.
• M-9HZ Reservoir/Production: C9 formation, ~5,025 ft horizontal oil-bearing section (longest horizontal well in Colombia for Arrow). Clean sandstone, ~23% avg porosity, high resistivities. ESP installed. Restricted rate: 31/128 choke, 38 Hz pump. ~850 bopd gross (425 bopd net). 31° API oil, 16% water cut. Pump frequency being increased to encourage toe production.
• M-8 Well: Converted to water disposal well. Rig moved for recompletion (1 week). Regulatory approval expected in 6 weeks.
• M-HZ7 Well: TD Dec 4, 2025. Producing ~1,250 bopd gross (625 bopd net), 11% water cut. C9 formation. Low decline rates.
• M-6 Well: Producing ~410 bopd gross (205 bopd net), 40% water cut. C7 formation.
• M-5 Well: Producing ~676 bopd gross (338 bopd net), 71% water cut. C9 formation.
• Forward Drilling: Rig moves to M-11 (vertical, C7 & C9 targets) after M-8 recompletion. Then to Icaco pad for exploration well, spud expected April.
• Corporate Production: ~4,900 boe/d (including restricted M-9HZ & M-10). CN-7 shut in due to pump failure (was producing 250 bopd gross/125 bopd net).
• Financials: Cash balance $7.2M USD as of Feb 1, 2026. No debt.
• Tapir Extension: Discussions with authorities ongoing, described as constructive. Management confident conditions are met for extension.

Notable Quotes

• Marshall Abbott, CEO: "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."
• Marshall Abbott, CEO: "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 2-D seismic and, later, the more recently shot 3-D 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."