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, provides an update on the recently drilled exploration well, Mateguafa Oeste-1, on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.
Drilling Operations - Mateguafa Oeste 1
The Mateguafa Oeste-1 (MO-1) exploration well was spud on September 21, 2025, and reached target depth on September 26th, 2025. The primary targets for the MO-1 were the sands of the Ubaque formation, which have been prolific producing reservoirs in the nearby Carrizales Norte field. The well was drilled to a total measured depth of 9,718 feet MD (9,399 feet true vertical depth). The well encountered reservoir sands of 27 feet TVD at the C7 zone and 290 feet TVD at the Ubaque zone. Unfortunately, both zones exhibited thin oil pay over water.
Accordingly, MO-1 well is being abandoned due to the lack of an economic discovery.
Drilling Schedule
Currently the drilling rig is moving to the Mateguafa Attic field to drill a vertical exploration well, Mateguafa-5 (M-5), a step out well to Mateguafa 1 and Mateguafa 3, which together historically produced 630,000 barrels of oil out of the Carbonera zone, C7. This target is geologically independent from the Mateguafa Oeste prospect. The M-5 well is expected to spud early November and is targeting both the C7 and Ubaque reservoirs. On the basis of a successful well at M-5, the Company plans to drill three additional wells, one vertical and two horizonal, on the prospect. The Company then plans to test the Icaco, Macoya and the Capullo prospects.
Marshall Abbott, CEO of Arrow commented:
"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. The well had thin oil pay over water and was deemed uneconomic. This is the first dry hole that Arrow has drilled out of 40 exploration and development wells to date.
The rig is now moving to the Mateguafa Attic field where we plan to drill the M-5 well targeting both the Ubaque and C7 zones. The well will also intercept both the Guadalupe and Gacheta formations. The M-5 well is a step out well from the M-1 and M-3 wells that were successful wells drilled and produced by Mohave and Petrolco respectively. The M-1 and M-3 wells were abandoned in 2013. With the 2023 3D seismic acquisition we are able to drill closer to the Mateguafa fault into a higher part of the reservoir."
"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 ."
"We appreciate the support of our longstanding shareholder base as well as the dedication of our talented staff."