Arrow Exploration starts production of new well in Colombia.
May 9, 2026
Arrow Exploration Corp has successfully brought its most recent Mateguafa appraisal well into production, marking a significant milestone as the company expands its operations in Colombia.
The Mateguafa HZ12 well, known as M-HZ12, was drilled efficiently, reaching a total measured depth of 13,824 feet and encountering multiple hydrocarbon-bearing zones. Production at the well commenced on April 16 from the Carbonera C9 formation, with approximately 30 feet of net oil pay identified. During clean-up operations, the well achieved peak production of 668 barrels of oil per day gross before stabilizing at a restricted rate of about 564 barrels per day gross, equivalent to 282 barrels net to Arrow. Additionally, potential hydrocarbon reserves were also discovered in the Carbonera C7 formation, where around 15 feet of net oil pay was encountered.
With the inclusion of production from M-HZ12, Arrow’s total gross corporate production has seen a notable increase to approximately 5,000 barrels of oil equivalent per day. Following the completion of operations at M-HZ12, the drilling rig has been relocated to the Icaco pad, where drilling for the Icaco 1 exploration well commenced on May 5 as part of the company’s ongoing drilling program. Arrow disclosed that it held roughly US$24.2 million in cash at the beginning of May and maintains a debt-free status.
Marshall Abbott, CEO of Arrow, expressed enthusiasm regarding the company’s continued success in the Mateguafa field, highlighting the importance of future development activities at the site, which will involve the drilling of both horizontal and vertical development wells, workovers, and co-mingling. Abbott also detailed the development of the Icaco prospect, a project driven by the Arrow team utilizing 2D and 3D seismic programs. The technical scope and success potential of the Icaco prospect mirror those of the Tapir Block in the Llanos Basin, a positive indicator for Arrow’s future prospects.
Looking ahead, Arrow aims to maintain a robust balance sheet with a healthy cash position, no debt, and significant cash flow. This financial stability provides a solid foundation with the flexibility to pursue organic growth opportunities and accretive acquisitions. As the company progresses with its drilling activities and exploration efforts, shareholders can anticipate further updates on the Icaco project in the near term.
