Arrow Exploration (AIM:AXL), the Canada-headquartered Colombia-focused operator, reported Q1 2026 revenue of US$23.5m for the three months ended 31 March, up 21% from $19.5m in Q1 2025.
Production averaged 4,715 boe/d in Q1 2026, a 15% increase versus Q1 2025, supporting adjusted EBITDA of $14.1m (up 22%) and net income of $5.2m, with a realised price of $63.77/boe.
The company reported operating cash flow of $13.6m and capital expenditure of $11.38m during the quarter, leaving cash and cash equivalents of $14.2m at quarter-end and US$24m on 1 May.
Operationally, Arrow drilled three additional development wells in the Mateguafa Attic during Q1 and post-period, drilled Icaco‑1, a discovery with three oil-bearing sands, and has spud Icaco‑2 as an appraisal well.
Arrow said it is engaged with authorities on a Tapir block extension and believes it is well positioned to secure the licence extension.
"We are excited by the Icaco discovery and believe it could become a major production platform with a material impact on the company," Marshall Abbott, CEO, said.
The company expects IC‑2 to be put on production in the coming weeks and to continue drilling development wells and recompletions through Q2 2026.
