Arrow Exploration drills, abandons MO-1 well

Executive Summary

• Arrow Exploration announced that the Mateguafa Oeste‑1 (MO‑1) well on the Tapir block was drilled to total depth of 9,718 ft but encountered only thin oil pay over water in both target zones and is being abandoned as uneconomic.
• The company will relocate the rig to drill a step‑out vertical well, Mateguafa‑5 (M‑5), slated to spud in early November targeting the C7 and Ubaque reservoirs, with plans for additional wells pending successful results.
• Management highlighted that this is Arrow’s first dry hole out of 40 wells drilled and emphasized continued prospectivity at nearby Icaco, Macoya and Capullo prospects.

Key Details

• Well MO‑1 spudding: 21 Sept 2025; reached target depth 26 Sept 2025.
• Measured depth (MD): 9,718 ft; true vertical depth (TVD) 9,399 ft.
• Target formations: Ubaque formation sands (prolific in Carrizales Norte field).
• Reservoir encounters:
• C7 zone – 27 ft TVD interval.
• Ubaque zone – 290 ft TVD interval.
• Result: Both zones showed thin oil pay over water; well deemed uneconomic and will be abandoned.
• Future drilling plan:
• Relocate rig to Mateguafa Attic field for vertical step‑out well M‑5 (spud early Nov 2025).
• M‑5 targets C7 and Ubaque zones, also aims to intersect Guadalupe and Gacheta formations.
• Contingent on successful M‑5 results, Arrow intends to drill three additional wells (one vertical, two horizontal) on the prospect, followed by testing of Icaco, Macoya, and Capullo prospects.
• Historical context: First dry hole among 40 exploration/development wells drilled by Arrow to date.

Notable Quotes

“The results of the Mateguafa Oeste‑1 exploration well provide calibration for existing future prospects… The well was drilled under budget and successfully hit the reservoirs as delineated by geological and geophysical control. … We look forward to updating the market on the results of M‑5 once the well has been evaluated and remain excited about the future prospectivity at the Icaco, Macoya and Capullo prospects.” – Marshall Abbott, CEO, Arrow Exploration Corp.