The following summary outlines the recent operational progress by Arrow Exploration Corp. at the Mateguafa Attic on the Tapir block in Colombia, where Arrow holds a 50% beneficial interest. The company has reported a new appraisal well entering production and several nearby wells contributing to the pad output. These developments are part of a broader program across the Llanos Basin to expand volumes from both established and newly drilled targets. The update includes drilling milestones, early flow rates, and a refreshed view of Arrow’s cash position and regulatory outcomes.
The Mateguafa 11 (M-11) well was spud on March 9, 2026 and reached target depth on March 15, 2026. The well was drilled to a measured depth of 11,455 MD feet (9,328 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals in the Carbonera sequence. Arrow placed the well on production on March 22, 2026, initially at a tightly restricted rate to manage flow and reservoir conditions. Early test data indicate potential for uplift, although sustained performance and ultimate recovery will be assessed over the coming weeks.
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Key well findings and initial flow characteristics
At the M-11 location, the operator tested the Carbonera C7 interval, identifying roughly 18 feet of net oil pay (true vertical depth) in a clean sandstone exhibiting an average porosity of 22% and elevated resistivity readings. An electric submersible pump (ESP) has been installed following perforation to support drawdown and artificial lift. The well also encountered about 30 feet of net oil pay in the Carbonera C9 horizon, which Arrow plans to target in subsequent tests and wells. The initial surface settings were conservative: a 32/128 choke and pump frequency of 33 Hz.
Production mix across the Mateguafa pad
The Mateguafa pad now includes several producing wells contributing to gross output. Reported gross rates include: Mateguafa 11 ~784 BOPD (392 BOPD net) with a 25% water cut from C7; Mateguafa 10 ~538 BOPD gross (269 net) at a 45% water cut in C7; Mateguafa HZ9 ~1,386 BOPD gross (693 net) from C9 at a 50% water cut; Mateguafa HZ7 ~2,016 BOPD gross (1,008 net) from C9; Mateguafa 6 ~250 BOPD gross (125 net); and Mateguafa 5 ~484 BOPD gross (242 net) with higher water cut. Combined corporate production including the restricted M-11 contribution is approximately 5,475 boe/d. These figures are early-cycle and subject to change as choke settings, pump speeds and reservoir responses are optimized.
Upcoming wells and timing
The company reports that the Mateguafa HZ12 (M-HZ12) horizontal well was spud on March 27, 2026 and is expected to reach production in April. Once M-HZ12 is completed, the rig will relocate to the newly finished Icaco pad to drill an exploration well that is scheduled to spud in May. Arrow has developed Icaco using a combination of legacy 2D seismic and a recently acquired 3D seismic program; management expects the prospect to be material to the portfolio if successful.
Financial position and regulatory developments
As of the date of this press release, Arrow estimates its available cash balance at approximately US$13 million. Management attributes the change in cash position to increased field activity, completion of the Icaco pad and initiatives to reduce operating costs in the area. The company also reports it remains debt free. These financial resources are positioned to support ongoing appraisal, testing and near-term exploration activity across Arrow’s Colombian assets.
Contract termination and Tapir lease discussions
On March 20, 2026, Arrow received confirmation from the Colombian regulator ANH that the mutual termination of the COR-39 E&P contract has been approved, relieving Arrow of a US$12 million exploration commitment without penalty. Separately, Arrow and its Tapir partner continue to engage constructively with authorities on the Tapir block extension; management believes the necessary conditions for an extension have been satisfied and remains optimistic about a positive outcome. The company has committed to updating stakeholders as discussions progress.
Management commentary highlights the strategic importance of the Mateguafa discoveries and the potential of Icaco. Arrow emphasizes that early production profiles are preliminary and subject to reservoir testing and operational adjustments. Technical disclosures in this release were reviewed by a qualified person and the statements include customary forward-looking language regarding future production, drilling plans and market exposure.