Arrow Exploration Corp. announced the spud of the Carrizales Norte B pad Horizontal Well 1 (?CB HZ-1?) on the Tapir Block in the Llanos Basin of Colombia. The CNB HZ-1 well will develop the Ubaque formation which has been successfully delineated by the CN First Quarter 2024 well program.

The CNB HZ-1 well is expected to be drilled to a true vertical depth of 8,400 feet and have a horizontal length of 1,800 feet. Once CNB HZ-1 is on production in June, Arrow plans to drill a water disposal well and three more horizontal wells from the CNB pad. Following further drilling during the second half of 2024 at Baquiano and Matteguafa, the Company expects to drill additional horizontal wells at the CNB pad towards the end of the year.

The Baquiano pad and road construction are now complete and the RCE-1 well has been successfully converted to a water disposal well. The process of converting the CN-4 well to a water disposal well has begun, which is estimated to take up to four months. Arrow is also in the initial planning stage for a 3D seismic program in the southern end of the Tapir block where the intent is to further develop the Icaco and Macoya Este leads.

The Company continues to have a strong balance sheet with USD 12.4 million cash and no debt as of May 1, 2024. Arrow expects to release First Quarter 2024 results at the end of May.