Appraisal Well M-HZ7 Results
Arrow Exploration Corp. announced successful results from its M-HZ7 appraisal well on the Tapir Block in Colombia, which has been brought online producing approximately 1,694 BOPD gross (847 BOPD net) from the Carbonera C9 formation with a 4% water cut. The well encountered multiple hydrocarbon-bearing intervals, including approximately 20 feet of net oil pay in the Carbonera C7 formation, and is currently cleaning up with potential for higher rates. Total corporate production, including the restricted M-HZ7 output, is approximately 4,510 boe/d, with the M-5 well expected to resume production shortly. The company also provided an update on the M-6 well, which continues to produce at approximately 772 BOPD gross, and has commenced drilling the M-8 well, with plans for further development wells and an exploration well at Icaco.
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CALGARY, December 18, 2025 - Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on the operational activity at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.
Mateguafa HZ7 well
The Mateguafa HZ7 (M-HZ7) well was spud on November 22nd, 2025, and reached target depth on December 4th, 2025. The M-HZ7 well was drilled, on time and on budget, to a total measured depth of 14,253 MD feet (8,440 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.
Arrow has put the M-HZ7 well on production in the Carbonera C9 formation ("C9"), which has approximately 4,053 feet of horizontal oil pay. The pay zone is a clean sandstone exhibiting an average porosity of 23% with high resistivities. An electric submersible pump (ESP) has been inserted in the well after perforating.
The M-HZ7 well also encountered approximately 20 feet of net oil pay (true vertical depth) in the Carbonera C7 formation ("C7").
The well was put on production at a heavily restricted rate, 25/128 choke and 30 Hz pump frequency, of approximately 1,694 BOPD gross (847 BOPD net). The oil quality is 30.6° API and there is a 4% water cut (completion fluid and formation water). The well is continuing to clean up.
Mateguafa 6 well
The Mateguafa 6 well (M-6) continues to produce at approximately 772 BOPD gross (386 BOPD net) with a 4% water cut. The M-6 well is producing from the C7 formation. The well has experienced very low decline rates during this initial production phase.
Mateguafa 5 well
The Mateguafa 5 well (M-5) is currently shut in for a 7-day mandated pressure test. Before being shut in, the well was producing at approximately 800 BOPD gross (400 BOPD net) with a 30% water cut. The M-5 well is producing from the C9 formation. Management's expectations are that the well will resume production at similar rates after the pressure test is complete. The increase in the production rate from this well since the well results were announced in November is due to the well cleaning up after the original production period.
Mateguafa 8 well
The Mateguafa 8 (M-8) well was spud on December 14th, 2025. This well is targeting the C7 formation, which all wells drilled at Mateguafa have encountered. Expectations are that the well will take approximately two weeks to drill and complete and will be put onto production in late December
Forward Drilling Plans
After the M-8 well is put on production the company plans to drill the Mateguafa 9 (M-9) well which will be drilled as a delineation well to be used for water disposal. Arrow then plans to drill additional horizontal and vertical development wells into the Mateguafa field before moving the rig to Icaco for a first exploration well.
Production
Including the restricted production from the M-HZ7 well, total corporate production is approximately 4,510 boe/d. This does not include any production from the M-5 well which was flowing at approximately 800 BOPD gross (400 BOPD net) before being shut in and is expected to resume production shortly.
Marshall Abbott, CEO of Arrow commented:
"The M-HZ7 well was drilled on time and on budget and initial production has exceeded expectations. In addition to the thick pay zone encountered in the C7 formation, currently behind pipe, the C9 formation has proven to be an excellent producing zone into which the Company plans to drill additional horizontal wells.
"The M-HZ7 well reinforces the materiality that the Mateguafa Attic discovery represents for Arrow. Future wells will help determine the extent of the pools and the potential reserves additions. The area has definitely turned into another core area for Arrow with the potential for further horizontal drilling development.
"M-9 will be the final well drilled in the 2025 program. This large step-out well's primary purpose is to become a water disposal well for the Mateguafa area. The well is being located outside the estimated extent of the pool, but could become a producing well if the pool extends beyond seismic interpretation. We look forward to providing further updates on the low-risk ongoing development of the Mataguafa Attic field."
About Arrow Exploration Corp.
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