Total production over 6,000 BOE/D and Icaco 6 being completed as a water disposal well
Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian and Canadian hydrocarbon basins, has provided an update on operational activity at the Icaco field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.
Production
Current total corporate production is over 6,000 boe/d, including production from the recently acquired Thorsby field in Alberta, Canada. This is a record high production rate for the Company and reflects recent drilling successes, outstanding results from workovers and the Thorsby acquisition. Arrow believes it can continue to grow production from its prospect-rich inventory.
Cash Balance
As of September 1, 2026, after the Thorsby acquisition payment of US$8.9m, the Company's estimated cash balance is US$21.8 million. The Company continues to enjoy a strong balance sheet while growing production and associated cash balance.
Icaco-6 Well
The Icaco 6 well (IC-6) was spud on 19th August 2026 and reached a total depth on 24th August 2026. The IC-6 well encountered a fault and experienced lost circulation and associated drilling mud losses before reaching the target depth. Management, out of an abundance of caution, made the decision to case the well prematurely and complete it as a much-needed, water disposal well. The additional water disposal capacity will have a very positive impact on reducing operating costs.
Log analysis in the IC-6 well shows that the well encountered 6.5 feet MD (4 feet TVD) of net pay in the Carbonera C7 formation ("C7") and 5 feet MD (3 feet TVD) of net pay in the Guadalupe Formation with Management encouraged with reservoir quality. The well was terminated before it reached the Gacheta and Ubaque formations.
Forward Drilling Plans
The IC-7 well was spud on 1st September and will be a vertical well with C7, Gacheta and Ubaque targets.
Tapir Extension
Arrow continues constructive discussions with regulatory bodies on the Tapir extension. The recent Presidential election resulted in a forward looking Government that is pro-business. In line with President De La Espriella's vision to increase Colombia's oil and gas development, Arrow is looking forward to being a part of the President's vision.
Marshall Abbott, CEO of Arrow commented:
'Arrow is very proud to surpass the 6,000 boe/d threshold. The additional production from drilling and workovers highlights the continued operational success the Company has had on the Tapir block. The multi-zone quality of the Icaco discovery, and its commensurate production rates, have surpassed initial expectations
'Arrow is building another five cellars on the Icaco pad, bringing the total number to fifteen, to continue drilling C7, Gacheta and Ubaque wells.
'Although the IC-6 well was terminated sooner than expected due to encountering a fault, we were able to quickly pivot and complete the well as a water injector in a cost effective manner which will significantly help water handling and production efficiency at Icaco. Meanwhile, the best production wells in the Icaco block have paid out in less than 2 months and production continues to be strong from these wells.
"The Company continues to experience strong netbacks. This adds significant value and materially strengthens our balance sheet. We look forward to updating our shareholders on further progress at Icaco over the coming months.'
Source: Arrow Exploration
