Middle Magdalena Valley Basin

• Discovered in 2013 by Canacol; discovery well (Oso Pardo-1) had an IP of 200 bbls/d from stacked sands of the Umir formation
• 2 appraisal wells drilled in 2014; 150 ft proven oil column to Lowest Known Oil (LKO)
• Accordionero (2P reserves of 66 MMbbls; current average production of 16,000 boe/d) located 25 km to south-east
• Arrow’s Morsa-1, OP-1 and OP-2 wells re-started in June 2021 at ~ 440 bbls/d
• Independent study by Gaffney Cline supports a much larger field area than originally interpreted by Canacol
• Covered by 3D seismic – exclusive to Arrow
• Relatively underexplored oil basin with steeply dipping structures and thick oil columns of 1,000 -1,500 feet
• Large potential structure based on seismic/geologic mapping to lowest known oil and structural closure