REPLACE - Arrow Appraisal Well M-11 Results
Arrow Exploration Corp. has announced an update on its Mateguafa Attic field operations, with the M-11 appraisal well successfully drilled and brought online, producing approximately 784 BOPD gross (392 BOPD net) from the Carbonera C7 formation. The company also reported an estimated cash balance of US$13 million as of the press release date, an increase from a previous figure of US$6.4 million. Additionally, Arrow has had its application to terminate the COR-39 E&P contract approved, eliminating a $12 million exploration commitment without penalty. The Mateguafa HZ12 well has spudded, with expected production in April, and the company plans to move its rig to the Icaco pad for an exploration well in May.
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The following amendment has been made to the "ARROW ANNOUNCES APPRAISAL WELLS M-11 RESULTS" announcement released today at 7:00am under RNS number 9463Y. The previous version announced that the Company's cash balance on March 1 2026 was US$6.4 million. The updated version announces that as of the date of this press release the Company's estimated cash balance is US$13 million. All other details remain unchanged. The full amended text is shown below.
ARROW ANNOUNCES APPRAISAL WELLS M-11 RESULTS
M-11 successfully drilled and on production
CALGARY, April 1, 2026 - 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 11 well
The Mateguafa 11 well (M-11) was spud March 9, 2026, and reached target depth March 15, 2026. The M-11 well was drilled, on time and under budget, to a total measured depth of 11,455 MD feet (9,328 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.
Arrow put the M-11 well on production March 22, 2026 in the Carbonera C7 formation ("C7"), which has approximately 18 feet of net oil pay (true vertical depth) at this location. The pay zone is a clean sandstone exhibiting an average porosity of 22% with high resistivities. An electric submersible pump (ESP) has been inserted in the well after perforating.
The M-11 well also encountered approximately 30 feet of net oil pay (true vertical depth) in the Carbonera C9 formation ("C9"). Arrow plans to test this formation in future wells.
The well was put on production at a heavily restricted rate, 32/128 choke and 33 Hz pump frequency, of approximately 784 BOPD gross (392 BOPD net). The oil quality is 31.5° API and there is a 25% water cut (completion fluid and formation water).
The testing results indicate that the well is capable of higher rates, and the ultimate flow rate will be determined in the first few weeks of production.
Mateguafa HZ12 well
The Mateguafa HZ (M-HZ12) well was spud March 27, 2026, with expected production in April.
Mateguafa Pad
The Mateguafa Pad currently has the following wells on production:
Mateguafa 11 well 784 BOPD gross (392 BOPD net) 25% water cut C7 formation
Mateguafa 10 well 538 BOPD gross (269 BOPD net) 45% water cut C7 formation
Mateguafa HZ9 well 1,386 BOPD gross (693 BOPD net) 50% water cut C9 formation
Mateguafa HZ7 well 2,016 BOPD gross (1,008 BOPD net) 36% water cut C9 formation
Mateguafa 6 well 250 BOPD gross (125 BOPD net) 48% water cut C7 formation
Mateguafa 5 well 484 BOPD gross (242 BOPD net) 82% water cut C9 formation
Forward Drilling Plans
After M-HZ12 the rig will move to the newly completed Icaco pad to drill an exploration well, which is expected to spud in May.
Production
Including the restricted production from the M-11 well, total corporate production is approximately 5,475 boe/d.
Cash Balance
As of the date of this press release, the Company's estimated cash balance is US$13 million. This reflects the increased activity drilling wells on the Mateguafa pad, completing the Icaco pad and initiating operating costs savings projects in the field. The Company continues to have no debt.
Tapir Extension
Arrow and its partner in the Tapir block remain in discussions with authorities on the extension of the Tapir block. To date the dialog has been very constructive. Arrow believes that all conditions required for the extension to be granted have been met and management remains very confident that the extension will be granted. The Company will continue to update the market on developments as they occur.
Block COR-39
On March 20, 2026, the Company received confirmation from the Colombian regulators (the ANH) that its application to terminate the COR-39 E&P contract by mutual agreement has been approved. This eliminates a $12 million exploration commitment, at no penalty for the Company.
Marshall Abbott, CEO of Arrow commented:
"The continued success of the Mateguafa wells reinforces the materiality of the Mateguafa field to Arrow. Arrow looks forward to the results of the new horizontal well, M- HZ12, on the Mateguafa pad."
"After drilling and putting the M-HZ12 well on production, Arrow plans to move the rig to the newly finished Icaco pad. The Icaco prospect has been developed by the Arrow team using both 2D seismic and the more recently shot 3D seismic program. Management believes the Icaco prospect will also result in a material discovery for Arrow and we look forward to updating our shareholders on the progress at Icaco over the coming months."
About Arrow Exploration Corp.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.