Arrow Exploration Provides CN-1 Well Update

Source: 6/8/2023, Location: South America

Arrow Exploration Corp., the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on the Carrizales Norte-1 well ("CN-1"), an exploration well on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 per cent beneficial interest.

Further to the Company's announcement on 30 May 2023, the Company has commenced completion operations at CN-1 and Management expects to proceed with putting the C7A and C7 zones straight on production during the course of next week. The C7 reservoirs were the primary target of CN-1 and displayed excellent reservoir characteristics.

After a very successful test of the 45-foot thick Ubaque pay zone, where stabilized rates exceeded 1,100 BOPD gross, the Gacheta zones were tested and proved unproductive at this location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. Meanwhile the Company is proceeding with completion of the C7 and C7A zones. Preliminary interpretation of the CN-1 discovery suggests aggregate reserve capture materially exceeds initial expectations.

Management's experience with the C7A and C7 zones at Rio Cravo Este ("RCE") indicates CN-1 will produce in a similar fashion to the wells at RCE where production rates have exceeded 1,000 BOPD gross. Initial production results are not necessarily indicative of long-term performance or ultimate recovery.

Immediately following the CN-1 well being put on production, the rig will move over to spud the Carrizales Norte-2 (CN-2) well. Spud to target depth time (10-12 days) has decreased through our drilling program and costs have come in consistently under budget.

Marshall Abbott, CEO of Arrow commented:
"The Carrizales Norte-1 discovery in both the C7 and Ubaque reservoirs are extremely important and material events for Arrow with both the C7 and Ubaque reservoirs exceeding expectations. These results expand and accelerate the Carrizales Norte development plan beyond three wells. As well, Arrow is planning to complete a new reserve report once the Carrizales Norte 2 and 3 wells have been completed.

"Our expectation is that the Carrizales Norte wells will be quick to payout in the current oil price environment and add to shareholder value. This is a very exciting time for Arrow, and we look forward to providing further updates on our progress."

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