Arrow Exploration Posts Record Quarter with US$24M Cash and 5,000 BPD Production
EC•Arrow Exploration reported its strongest quarter ever with revenue, EBITDA and cash flow up, and US$24 million cash on hand. Production rose above 5,000 barrels after a three-zone discovery at the Icaco pad producing initial flow rates above 550 bpd, with more wells and a midyear reserve update planned.
1. Q1 Financial Highlights
Arrow Exploration delivered its strongest quarter to date, with revenue, EBITDA and cash flow all rising and ending Q1 with US$24 million in bank cash. Monthly cash flow remains robust as operating and service rigs continue drilling across the Tapir block.
2. Mateguafa Project Development
Activity in the Mateguafa play advanced with three zones completed and stable production profiles showing minimal decline and manageable water cuts. Only three wells were booked for reserves at year-end, with the remainder slated for inclusion following anticipated midyear reserve certification.
3. Icaco-1 Discovery Performance
Drilling at the Icaco pad yielded the Icaco-1 discovery, which penetrated three producing zones. One zone is already online delivering initial rates above 550 barrels per day, and further tests are planned after drilling a second well.
4. Strategic Outlook and Growth Plans
Total production has climbed above 5,000 barrels per day, supported by a healthy prospects pipeline through the Tapir block’s February 2028 expiry. Management is exploring block extension talks with Ecopetrol and evaluating onshore Colombia acquisitions to leverage its US$24 million cash balance.
