Total production over 6,500 BOE/D
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 6,500 boe/d, including production from Icaco 8 (IC-8) and Icaco 7 (IC-7). This is a record high production rate for the Company and reflects recent drilling successes from the Icaco pad. Arrow believes it can continue to grow production from its prospect-rich inventory.
Cash Balance
As of October 1, 2026, the Company’s estimated cash balance is over US$28 million. The Company continues to enjoy a strong balance sheet while growing production and associated cash balance.
Icaco-8 Well
The Icaco 8-ST-1 well was spud September 21, 2026 and reached total depth October 3, 2026. The well was drilled to a measured depth of 11,000 feet (7,384 feet total vertical depth). The IC-8-ST-1 well encountered 72 feet MD ( 23 feet TVD) of net pay in the Carbonera C7 formation (“C7”), 20 feet MD ( 6 feet TVD) of net pay in the Guadalupe Formation, 30 feet MD (10 feet TVD) of net pay in the Lower Gacheta, and 85 feet MD (30 feet TVD) of net pay in the Ubaque formation.
The IC-8 well was brought on production October 12, 2026, and is currently producing from the Carbonera C7 formation at a restricted rate of approximately 1,204 BOPD gross (602 BOPD net), with a 27/128 choke and 32 Hz pump frequency. The oil quality is 28.2° API and there is a 33% water cut. The well is continuing to clean up.
Icaco-7 Well
The Icaco 7 well was spud September 1, 2026 and reached total depth September 7, 2026. The well was drilled to a measured depth of 13,000 feet (7,347 feet total depth). The IC-7 well encountered 86 feet MD (15 feet TVD) of net pay in the Carbonera C7 formation (“C7”) and 256 feet MD ( 57 feet TVD) of net pay in the Ubaque formation.
The IC-7 well was brought on production September 20, 2026, and is currently producing from the Ubaque formation at a restricted rate of approximately 248 BOPD gross (124 BOPD net), with a 20/128 choke and 44 Hz pump frequency. The oil quality is 13.2° API and there is a 31% water cut.
Forward Drilling Plans
Icaco HZ9 (IC-HZ9) well was spud October 13, 2026, and completed drilling October 20, 2026. IC-HZ9 is a horizontal well targeting the Carbonera C7 formation. This is the first horizontal well in the Carbonera reservoir in the Tapir Block and to date the well appears to have 950 feet of horizontal oil pay (measured depth).
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 6,500 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.'
'The IC-8 well illustrates the excellent results that are possible in all three producing zones at Icaco. The Company has built 16 well cellars at Icaco and is continuing to drill Carbonera C7, Gacheta and Ubaque wells on the Icaco pad.'
'The Company continues to experience strong netbacks in this high oil price environment. 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
