Tapir Block –

  • The Tapir Block contains the Carrizales Norte (CN), Rio Cravo Este (RCE), Alberta Llanos, Icaco and Mateguafa Feilds, all of which are producing and have demonstrated significant oil potential, providing a strong foundation for further exploration

The Tapir Block is one of the most desirable underexplored blocks in Colombia

  • Beneficial 50% WI with 65,154 gross acres
  • 2024 year-end 3P reserves of 27.9 MMbbls (gross)/13.9 MMbbls (net to Arrow’s W.I.)
  • A series of oil fields lie primarily to the southeast along a similar fault trend with a combined 38.5 MMbbls produced as of the end of 2020
  • Had not been explored in over 20 years due to historic fiscal terms, which are now significantly improved
  • 6 separate fault trends identified
  • Arrow Exploration has Identified several high-impact prospects within the block, notably the Oxbow, Macoya and Capullo prospects, some with multiple target zones

RCE Field:

  • The Rio Cravo Este field was discovered in April 2019 following the successful drilling and testing of the RCE-1 exploration well.
  • A structured development drilling program was subsequently launched in Q1 2022.
  • As of April 2026, RCE has 10 producing wells.

Carrizales Norte Field:

  • Carrizales Norte was discovered in 2023. Even if it is located on the same fault trend as the Carrizales field (C&C Energia 2007 discovery), it has a different trapping mechanism.
  • The CN-1 exploration well, drilled in May 2023, confirmed the discovery of the Carrizales Norte field.
  • The Ubaque reservoir encountered at Carrizales Norte is material: up to 80 feet of oil charged stacked shoreface sands with 26-30% porosity and 7-10 Darcies permeability
  • Low viscosity 13.40 crude and strong water allows for recovery factors of 30-35%
  • Arrow has 8 vertical wells and 11 horizontal wells on production from the CN and CNB pads as of April 2026.
  • The CN field has produced more than 15MMbbl as of April 2026
  • Proven completion technology is being utilized to manage water production, extending the economic life of each well.

Alberta Llanos Field:

  • The Alberta Llanos discovery was made and confirmed in December 2024, based on AB-1 well results
  • Typical Llanos Basin prospect: three-way structural closure against a fault
  • Multiple zone discovery: C7, Guadalupe, Gacheta, & Ubaque – 121 feet (Hydrocarbon bearing reservoir)
  • Located approximately 3.5kms northeast of Carrizales Norte discovery on the same fault trend
  • As of April 2026, the Alberta Llanos field currently has 3 wells on production

Mateguafa Field:

  • Mateguafa area was first discovered in 1998. Original wells drilled on poor quality 2D seismic. 3D acquired in 2024 showed different fault configuration and large area closure up dip from existing wells.
  • In October 2025, the Mateguafa-5 well (M-5) was the first well drilled in the Mateguafa Attic field following acquisition of the 2024 3D seismic program, and its results confirmed the productive, multi-pool potential of the field.
  • As of April 2026, the Mateguafa Pad currently has 7 wells on production.
  • Many more development wells are planned in the field

Icaco Field:

  • The Icaco field was discovered with the drilling of the exploration well Icaco-1. The prospect was defined following a 3D acquisition done in 2025. Many prospects were defined after the interpretation of this seismic volume.
  • Icaco-1 was drilled in May 2026. It encountered 71 feet of hydrocarbon accumulation in the C7, Lower Gacheta and Ubaque formations.
  • Icaco-1 is presently on production from the Carbonera C7.
  • Many more development wells are planned in the field.

Notes:
(1) By way of a private commercial contract with the recognized interest holder before Ecopetrol S.A., Arrow is entitled to receive 50% of the production from the Tapir block.
(2) Environmental Impact Assessment