Highlights

  • M-6 appraisal well was drilled on schedule and placed on production in November.
  • Initial output reached about 824 barrels per day gross under restricted conditions.
  • Multiple hydrocarbon-bearing zones identified for potential future testing.

Arrow Exploration Corp.(LSE:AXL) has provided an operational update on the Mateguafa Attic field within the Tapir Block in Colombia’s Llanos Basin, where the company holds a 50% beneficial interest. The update primarily relates to the Mateguafa 6 (M-6) appraisal well.

The M-6 well was spud on November 8, 2025, and reached its target depth on November 15, 2025. Drilling was completed on time and within budget to a total measured depth of 10,000 feet MD, corresponding to a true vertical depth of 9,328 feet. During drilling, multiple hydrocarbon-bearing intervals were encountered.

Initial Production Performance

The Carbonera C7 interval contains approximately 18 feet of net oil pay on a true vertical depth basis. The reservoir is described as a clean sandstone with an average porosity of around 20% and high resistivity readings.

The well was initially produced under heavily restricted conditions using a 28/128 choke and a pump frequency of 45 Hz. Under these parameters, the M-6 well delivered approximately 824 barrels of oil per day gross, equivalent to 412 barrels per day net to Arrow’s working interest. Produced crude has an API gravity of 32 degrees, with a reported water cut of around 3%, attributed to completion fluids and formation water.

Additional Pay Zones Identified

Beyond the C7 interval currently on production, the M-6 well intersected further hydrocarbon-bearing zones. These include around 30 feet of net oil pay in the Carbonera C9 formation and approximately 14 feet of net oil pay in the Lower Gacheta formation, both measured on a true vertical depth basis. These intervals remain behind pipe and are planned for evaluation through future wells.

Update on Nearby Wells

Production from the Mateguafa 5 (M-5) well continues at about 550 barrels of oil per day gross, or 275 barrels per day net, with an 18% water cut. This well produces from the Carbonera C9 formation, previously referred to as the Guadalupe prior to final geological analysis.

Share Price Snapshot

AXL was trading at GBX 11.25 per share, as of 26 November 2025.