Arrow Announces Record Production and IC-8, IC-7 Well Results
IC-8 and IC-7 are producing, while drilling has finished on Tapir's first horizontal well in the Carbonera reservoir.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Arrow Exploration (CSTPF) reported record corporate production of over 6,500 barrels of oil equivalent per day following recent Icaco drilling successes. Estimated cash exceeded US$28 million as of October 1, 2026. Arrow holds a 50 percent beneficial interest in Colombia's Tapir Block.
IC-8 began production October 12 and currently produces at a restricted rate of approximately 602 barrels of oil per day net from Carbonera C7, with 33% of produced liquids comprising water. IC-7 began production September 20 and currently produces at a restricted rate of approximately 124 barrels per day net from Ubaque, with 31% water. IC-8 continues to clean up.
Drilling of horizontal well IC-HZ9 finished October 20; Arrow reports apparent horizontal oil pay of 950 feet measured depth. Drilling continues at the Icaco pad, where 16 well cellars have been built. Regulatory discussions on extending Tapir remain ongoing.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointRecord corporate production exceeds 6,500 barrels of oil equivalent per day, including IC-8 and IC-7.
- Moderate pointEstimated cash exceeded US$28 million as of October 1, 2026.
- Minor pointIC-8 currently produces approximately 1,204 barrels of oil per day gross, 602 net, at a restricted rate.
- Minor pointIC-7 currently produces approximately 248 barrels of oil per day gross, 124 net, at a restricted rate.
- Minor pointIC-8 reservoir pay spans Carbonera C7, Guadalupe, Lower Gacheta and Ubaque formations.
3 minor points
- Minor pointIC-7 reservoir pay includes 86 feet measured depth in Carbonera C7 and 256 feet in Ubaque.
- Minor pointIC-HZ9 drilling finished October 20, with apparent horizontal oil pay of 950 feet measured depth.
- Minor pointIcaco development continues with Carbonera C7, Gacheta and Ubaque drilling; 16 well cellars have been built.
Negative
- Moderate pointTapir extension remains under discussion with regulatory bodies.
- Minor point. Forward-looking: it has not happened yet and may not happen.Formal assignment of Arrow's Tapir interest remains subject to Ecopetrol's consent.
- Minor pointIC-8 water cut is 33% of produced liquids; the well continues to clean up.
- Minor pointIC-7 water cut is 31% of produced liquids.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Total production over 6,500 BOE/D
Calgary, Alberta--(Newsfile Corp. - October 22, 2026) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian and Canadian hydrocarbon basins, is pleased to provide 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
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
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
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."
| For further information, contact: | |
| Arrow Exploration | |
| Marshall Abbott, CEO | +1 403 651 5995 |
| Joe McFarlane, CFO | +1 403 818 1033 |
| Canaccord Genuity (Nominated Adviser and Joint Broker) | |
| Henry Fitzgerald-O'Connor | +44 (0)20 7523 8000 |
| James Asensio | |
| Rory Blundell | |
| George Grainger | |
| Auctus Advisors (Joint Broker) | |
| Jonathan Wright | +44 (0)7711 627449 |
| Rupert Holdsworth Hunt | |
| Hannam & Partners (Joint Broker) | |
| Leif Powis | +44 20 7907 8500 |
| Samuel Merlin | |
| Camarco (Financial PR) | |
| Owen Roberts | +44 (0)20 3781 8331 |
| Rebecca Waterworth | |
| Kirsty Duff |
About Arrow Exploration Corp.
Arrow Exploration Corp. (operating in Colombia via a branch of its
Forward-looking Statements
This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continue", "expect", "opportunity", "plan", "potential" and "will" and similar expressions. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation, Arrow's evaluation of the impacts of COVID-19, the potential of Arrow's Colombian and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow's business plan to expand oil and gas production and achieve attractive potential operating margins. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.
The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person's Statement
The technical information contained in this announcement has been reviewed and approved by Nilanjan Ganguly, Chief Geophysicist of Arrow Exploration Corp. Mr. Ganguly is a member of the Canadian Society of Petroleum Geophysicists, holds a Masters of Science in Geophysics from the University of Victoria and has over 22 years' experience in the oil and gas industry.
This announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
Glossary
API - American Petroleum Institute gravity, a measure of the density of petroleum liquids
BOE/D - Barrels of oil equivalent per day
BOPD - Barrels of oil per day
Hz - Hertz
MD - Measured depth
Net pay - The thickness of reservoir containing economically producible hydrocarbons
TVD - True vertical depth
Water cut - The proportion of total produced liquids comprising water
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320305
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What production record did Arrow Exploration report?
Arrow's current corporate production exceeds 6,500 barrels of oil equivalent per day, its highest reported rate. This includes production from the IC-8 and IC-7 wells at Icaco.
What did Arrow Exploration report from the IC-HZ9 horizontal well?
IC-HZ9 appears to have 950 feet of horizontal oil pay, measured depth, following completion of drilling on October 20, 2026. The well targets Carbonera C7 and is the first horizontal well in the Carbonera reservoir on the Tapir Block.
What approval is required for formal assignment of Arrow Exploration's Tapir interest?
Formal assignment to Arrow is subject to Ecopetrol's consent. A private commercial contract with the recognized interest holder before Ecopetrol entitles Arrow to receive 50% of production from the Tapir Block.