Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has reported results from the 50%-owned Mateguafa 8 appraisal well on the Tapir Block in Colombia’s Llanos Basin, where the well has now been placed on production.
M-8 was spudded on 14 December and reached target depth on 18 December, encountering several hydrocarbon-bearing intervals. After testing three Carbonera C7 sands with uneconomic outcomes, the company said it completed the well in the Carbonera C9 formation, with about 30 feet of oil pay and an electric submersible pump installed.
The well was brought online at a heavily restricted rate, and was flowing at around 230 barrels of oil per day gross, with 31° API oil and a 78% water cut, and, according to Arrow, it appears capable of higher rates as operations stabilise.
“With M-8 successfully encountering the C9 formation, we continue to view this as an excellent producing zone into which the company plans to drill further horizontal and vertical wells," said chief executive Marshall Abbott.
"The M-8 well tested the northernmost extent of the C9 formation and the success of this well in this formation indicates there are additional opportunities to the north. In the M-8 well the C7 zone was not economic but showed very strong oil shows in petrophysical logs and the Company is exploring strategies to best produce the C7 zone in this area."
Abbott added: "The M-8 well reinforces the materiality that the Mateguafa Attic discovery represents for Arrow."
Arrow meanwhile highlighted that total corporate production, including restricted M-8 output, is about 4,625 boe/d and that it began 2026 with a cash balance of $11.5 million, and no debt.
It has also spud the Mateguafa HZ9 well and expects to drill and complete it in about three weeks, before bringing the well onto production. After that, the rig will move on to drill an exploration well at Icaco in Q2.
"Future wells will help determine the extent of the pools and the potential reserves additions... We look forward to providing further updates on the low-risk ongoing development of the Mateguafa Attic field."