Arrow Exploration (LSE:AXL) reported strong first-quarter 2026 financial and operational results, with average production increasing 15% year-on-year to 4,715 barrels of oil equivalent per day. Growth was primarily driven by new production from the Mateguafa Attic field within the company’s Tapir block in Colombia. Revenue rose 21% to US$23.5 million, while adjusted EBITDA climbed 22% to US$14.1 million. Net income almost doubled to US$5.2 million, supported by stronger realised oil prices and improved corporate operating netbacks of US$41.05 per boe.
The company also highlighted a cash balance of US$24 million as of 1 May 2026, which management said provides sufficient flexibility to fund its ongoing drilling programme through internally generated cash flow while continuing planned capital investment. Following the end of the quarter, Arrow announced an oil discovery at its Icaco-1 exploration well, commenced drilling at the Icaco-2 appraisal well and advanced additional development drilling at the Mateguafa Attic field. Management believes these activities could significantly increase future production levels and further strengthen the company’s position within Colombia as it seeks an extension to the Tapir block licence.
More about Arrow Exploration Corp
Arrow Exploration Corp. (LSE:AXL) is a Calgary-based oil and gas producer focused on high-growth hydrocarbon operations in Colombia, alongside a smaller portfolio of assets in Alberta, Canada. The company’s operations are centred on crude oil developments within the Tapir block, including the Carrizales Norte, Mateguafa Attic, Alberta Llanos and Icaco areas, with a strategy focused on light oil production and self-funded operational growth.
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