Arrow Exploration places M-6 well on production

Executive Summary

• Arrow Exploration Corp. reports initial production results from the Mateguafa 6 (M-6) appraisal well in the Mateguafa Attic field, Colombia, which was drilled on time and on budget.
• The M-6 well encountered multiple hydrocarbon-bearing intervals, including ~18 feet of net oil pay in the Carbonera C7 formation and ~30 feet in the Carbonera C9 formation.
• Initial production from M-6 is approximately 824 barrels of oil per day gross (412 net), with oil quality of 32-degree API and a 3% water cut. The company notes the well is capable of higher rates.

Key Details

• Mateguafa 6 (M-6) Well Status:
  • Spudded: Nov. 8, 2025.
  • Target Depth Reached: Nov. 15, 2025.
  • Total Measured Depth: 10,000 feet (9,328 feet true vertical depth).
  • Drilling Performance: On time and on budget.
• Mateguafa 6 (M-6) Geological Encounters:
  • Carbonera C7 Formation: ~18 feet of net oil pay (true vertical depth). Described as a clean sandstone with ~20% average porosity and high resistivities.
  • Carbonera C9 Formation (formerly Guadalupe): ~30 feet of net oil pay (true vertical depth).
  • Lower Gacheta Formation: 14 feet of net oil pay (true vertical depth). Arrow plans to test this formation in future wells.
• Mateguafa 6 (M-6) Production Data:
  • Current Rate: ~824 barrels of oil per day gross (412 barrels of oil per day net).
  • Choke/Pump Settings: 28/128 choke and 45-hertz pump frequency (heavily restricted rate).
  • Oil Quality: 32-degree API.
  • Water Cut: 3% (completion fluid and formation water).
  • Future Outlook: Initial results indicate the well is capable of higher rates; ultimate flow rate to be determined in the first few weeks.
• Mateguafa 5 (M-5) Well Status:
  • Current Production: ~550 barrels of oil per day gross (275 barrels of oil per day net).
  • Water Cut: 18%.
  • Formation: Producing from the C9 formation (official designation changed from Guadalupe formation).
• Mateguafa HZ7 (M-HZ7) Well Status:
  • Spudded: Nov. 22, 2025.
  • Type: Horizontal well targeting the C9 formation.
  • Timeline: Expected to take 2-3 weeks to drill and complete; expected to be put on production in December.
• Corporate Update:
  • Appointment of Hannam & Partners as joint corporate broker, working alongside Canaccord Genuity and Auctus Advisors.

Notable Quotes

• Marshall Abbott, CEO: "The M-6 well was drilled on time and on budget and initial production has exceeded expectations. In addition to the thick pay zones encountered in the C7 formation, an additional pay zone currently behind pipe, the C9, provides further production opportunities in the future."
• Marshall Abbott, CEO: "The M-6 well reinforces that the Mateguafa Attic discovery is material to Arrow and we are looking forward to the results of the horizontal well M-HZ7, which will further develop this discovery and help determine the extent of the pools and the potential reserves additions. Initial results indicate that the discovery will develop into another core area for Arrow with the potential for horizontal drilling development."