Arrow Exploration Corp. (AIM:AXL) (AIM: AXL; TSXV: AXL) gave an operational update and published its 2025 year‑end reserves evaluation by Boury Global Energy Consultants Ltd, saying the report shows steady performance with much of 2025 production replaced by the year's drilling campaign, according to the announcement.
The company said the Mateguafa 11 (M‑11) well was drilled to 11,455 MD feet (9,328 feet true vertical depth) and encountered oil‑bearing sands in the C7 and C9 Carbonera formations, with 18 feet (TVD) of net pay in the C7 and 30 feet (TVD) in the C9; Arrow plans to perforate and initially produce from the C7 and expects the well to be on production "in the coming weeks."
Arrow said M‑11 sits structurally higher than previous Mateguafa Attic wells and has extended the attic structure to the south, prompting a planned horizontal development well targeting the C9 (M‑12Hz) expected to spud by the end of March, after which the rig will move to the Icaco pad to drill the Icaco 1 (I‑1) exploration well.
Corporate production is approximately 5,325 boe/d, and the company expects additional volumes from M‑11 when it comes online, the filing said. Marshall Abbott, CEO, said: "Looking out to the remainder of 2026, Arrow's prospect inventory is multifaceted and demonstrates the hydrocarbon density of the Tapir block in the fertile Llanos Basin. Over the rest of the year, we look forward to a successful drilling campaign that is balanced between development and low risk exploratory wells."
The BouryGEC reserves report was prepared in accordance with COGEH and NI 51‑101 standards and, the company said, uses conservative price forecasts that materially depress valuation and reserves classification versus current oil prices; the report's reserve categories for Tapir depend on contract extension assumptions — 1P assumes expiry in February 2028, 2P assumes the first five‑year extension is granted and 3P assumes the second five‑year extension is granted — and management continues to engage regulators on those extensions. Arrow also noted after‑tax values were calculated without reflecting tax shelters from projects such as the Tapir 3D seismic, Carrizales Norte drilling and annual G&A.
