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Drill Results

Arrow Announces Operational Update

By The Northwire Desk — AI Analysis Oct 01, 2025 · 02:01 AXL · 0.255 Arrow Exploration Corp.
AXL · Price

Executive Summary

  • Arrow Exploration reported that the Mateguafa Oeste‑1 (MO‑1) exploration well was drilled to 9,718 ft MD, intersected target sands but encountered only thin oil pay over water, leading to abandonment as a non‑economic discovery.
  • The company announced its next drilling program: the Mateguafa‑5 (M‑5) vertical step‑out well is slated to spud in early November, targeting the C7 and Ubaque reservoirs, with plans for three additional wells pending successful results.
  • Management highlighted that this is Arrow’s first dry hole out of 40 wells drilled, but emphasized that the well was completed under budget and provides valuable calibration for future prospects (Icaco, Macoya, Capullo).

Key Details

  • Well MO‑1 timeline: Spudded Sept 21 2025; reached target depth Sept 26 2025.
  • Depth & geometry: 9,718 ft measured depth (9,399 ft TVD); encountered 27 ft TVD of reservoir sand in the C7 zone and 290 ft TVD in the Ubaque zone.
  • Result: Thin oil pay over water in both zones; well deemed uneconomic and abandoned.
  • Budget performance: Drilled under budget, with successful target depth control per geological and geophysical models.
  • Next drilling activity: Rig moving to Mateguafa Attic field for M‑5 well (step‑out from M‑1 and M‑3). Expected spud: early November 2025. Targets C7 and Ubaque reservoirs; also aims to intersect Guadalupe and Gacheta formations.
  • Future plan contingent on M‑5: If successful, Arrow will 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; prior nearby wells (M‑1, M‑3) were successful and produced ~630,000 bbl from Carbonera zone, C7.

Notable Quotes

“The results of the Mateguafa Oeste‑1 exploration well provide calibration for existing future prospects… This is the first dry hole that Arrow has drilled out of 40 exploration and development wells to date.” – Marshall Abbott, CEO

“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

Read the original news release →

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