Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has provided an update on the operational activity at the Mateguafa field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.
Mateguafa 5 well
The Mateguafa 5 well (M-5) well was spud on October 24th, 2025, and reached target depth on October 30th, 2025. The M-5 well was the first to be drilled into the Mateguafa Attic field after the procurement of the 3D seismic program shot in 2024, and results from this well have confirmed the productive potential of the multi-pool field. The well was drilled, on time and on budget, to a total measured depth of 10,560 MD feet (9,334 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.
Arrow put the M-5 well on production in the Guadalupe formation, which has approximately 26 feet of net oil pay (true vertical depth). 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-5 well also encountered approximately 11 feet of net oil pay (true vertical depth) in the Carbonera C7 formation. Arrow plans to test this formation in future wells.
The well was put on production at very restrictive operational parameters to allow the well clean-up and a proper water cut evaluation. Currently, the well is operating at a pump frequency of 30 Hz and a choke aperture of 17/128.
In the final 72 hours of the test, M-5 produced at a heavily restricted rate, 17/128 choke and 30 Hz pump frequency, of approximately 570 BOPD gross (285 BOPD net). The oil quality is 31° API and there is an 8% water cut (completion fluid and formation water). The water cut has been decreasing throughout the testing.
The testing results indicate the well is capable of higher rates and the ultimate flow rate will be determined in the first few weeks of production.
Initial production results are not necessarily indicative of long-term performance or ultimate recovery.
The well also encountered the Ubaque and Gacheta formations, however, these sands were not deemed to be commercial at this location.
Mateguafa 6
The Mateguafa 6 (M-6) well was spud on November 8th, 2025. The M-6 well will further delineate the C7 and Guadalupe formations to develop a horizontal well program. The drilling, testing and completion of the well is expected to take three to four weeks from spud. The M-7 well is scheduled to be drilled immediately upon completion of the M-6 well.
2025 3D Program
The 2025 3D program has identified multiple prospects with the Icaco prospect, in the southeast corner of the Tapir block, the first one to be drilled in 2026. The Company continues to progress the necessary licenses, permits and drilling pad with the expectation that the Icaco prospect will be drilled in mid Q1 2026. Multiple hydrocarbon reservoirs are being targeted at the Icaco prospect.
Production
Including the restricted production from the M-5 well, total corporate production is approximately 4,000 boe/d, in line with company modeling.
Cash Balance
On November 1, 2024, the Company's cash balance was US$8.2 million reflecting the intensive, two rig drilling program that Arrow operated during the second quarter. The company continues to have no debt.
Marshall Abbott, CEO of Arrow commented:
'Initial production from the M-5 discovery has exceeded expectations and is an exciting event for Arrow. In addition to the thick pay zones encountered on the Guadalupe formation, an additional pay zone currently behind pipe, the C7, provides further opportunities for production and reserves increases.
'The Mateguafa Attic discovery is material to Arrow and we are looking forward to the M-6 and M-7 results which will further develop this discovery and help determine the extent of the pools and the potential reserves additions. Initial results indicate that the discovery will develop into another core area for Arrow with the potential for horizontal drilling development.
'We look forward to providing further updates on this low-risk development drilling program.'
Source: Arrow Exploration
