Arrow Exploration (AIM:AXL) Update on RCE-3 Well and Operations Update


Production zones identified

CALGARY, February 21, 2023 – Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) (“Arrow” or the “Company”), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on the drilling of Rio Cravo Este-3 (“RCE-3”), an appraisal well on the Tapir Block in the Llanos Basin of Colombia, and is providing an operations update.

RCE-3 Update

The RCE-3 well reached total depth on February 16, 2023. RCE-3 is location within the Rio Cravo Este oil field, located on the Tapir Block in the Llanos Basin of Colombia. The well was drilled to a total measured depth of 8,880 feet (8,087 feet true vertical depth) and encountered seven hydrocarbon bearing intervals totaling 58 net feet of oil pay (measured depth).

The following hydrocarbon bearing intervals have been identified:

· Carbonera C7: 19 feet net oil pay over three intervals

· Lower Gacheta: 39 feet net oil pay over four intervals

Interval thicknesses are not necessarily indicative of long-term performance or ultimate recovery.

It is expected that the RCE-3 well will begin production in early March 2023. The rig will then be moved to the RCE-4 location with the intention that RCE-4 will spud within two days of RCE-3 being brought on production.

Marshall Abbott, CEO of Arrow commented:

“We’re happy with the rig performance and the speed target depth was reached. We are also encouraged by the log results of RCE-3, the fourth well drilled by Arrow on the Tapir block. RCE-3 has confirmed the continuity of oil-bearing intervals seen in adjacent wells, and discovered a potential new pay zone in the Gacheta.”

“We’re currently completing the C7 zone, targeting to be on stream in early March. This will increase Arrow’s production and reserves. Following, the Company’s procedures, Arrow will bring RCE-3 on slowly and increase production to best manage the oil reservoir.”

“Arrow’s current production is providing positive cashflow for the Company during a high commodity price environment. Continued strong production rates from existing tied-in wells combined with the encouraging results from new wells in Colombia support the Company’s objective of achieving a production rate of 3,000 boe/d within 18 months of its AIM listing (completed in October 2021). This is an exciting time for Arrow, and we look forward to providing further updates on our progress.”

Operations Update

Carrizales Norte

Arrow has completed construction of the road, pad and cellars for the three planned Carrizales Norte (CN) wells. The wells are expected to be drilled immediately following RCE-5 and mobilization of the rig to the new CN pad.

3D Seismic Project, Tapir Block

Surveying operations are ongoing within the 134 square kilometer 3D seismic project on the Tapir block. Equipment testing will commence this week and Arrow anticipates recording operations to begin in early March. Data acquisition is scheduled to be completed in April 2023.

Capella Field

The Capella field, which Arrow has a 10% interest in, has been shut in since February 7, 2023, due to road blocks and protests in the immediate area. The Capella field is operated by a third party. Discussions are continuing with representatives from the government, protesters and the field operator. Management is seeking solutions to help resolve the protesters’ concerns. Arrow’s share of the Capella field production is approximately 280 bbls/d.

For further Information, contact:

Arrow Exploration

Marshall Abbott, CEO

+1 403 651 5995

Joe McFarlane, CFO

+1 403 818 1033

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