Arrow Exploration Reports 82% Increase in 2P Reserves Following Icaco Discovery and Thorsby Acquisition

Arrow Exploration (LSE:AXL) has reported an increase in its mid-year 2026 oil and gas reserves, reflecting drilling activities in Colombia and the acquisition of the Thorsby property in Alberta, Canada.

Proved developed producing reserves increased 62% to 2.9 million barrels of oil equivalent (boe), while total proved reserves (1P) more than doubled to 11.4 million barrels. The before-tax net present value of 1P reserves, discounted at 10% (NPV-10), reached $193 million.

Proved plus probable reserves (2P) rose 82% to 21.4 million barrels, with a corresponding before-tax NPV-10 of $410 million.

Proved, probable and possible reserves (3P) reached 34.4 million barrels, representing a before-tax NPV-10 of $731 million.

The company attributed the increases to drilling performance, reserve replacement and the discovery of the Icaco field in Colombia, alongside the addition of reserves from its Thorsby acquisition.

Arrow is progressing a multi-well drilling programme at Icaco, with additional wells expected to contribute to production as they are completed and brought online.

Corporate production currently exceeds 6,000 barrels of oil equivalent per day, and the company expects further increases as development activities continue.

Arrow is also seeking an extension of its Tapir block licence in Colombia. The company said the extension is incorporated into assumptions supporting its higher reserve categories, with management considering approval likely. The extension has not yet been secured.

In Canada, the recently acquired Thorsby property adds oil and natural gas reserves to Arrow’s portfolio. Previous independent estimates identified additional hydrocarbon volumes associated with the asset.

Chief executive Marshall Abbott identified development drilling and acquisitions as central elements of the company’s strategy for expanding its reserves and production base.

Arrow Exploration operates oil and gas assets in Colombia’s Llanos Basin, including the Icaco and Mateguafa fields within the Tapir block, alongside its newly acquired Thorsby assets in Alberta.

The company is listed on AIM and the TSX Venture Exchange under the ticker AXL.