#AXL $AXL.V @corp_arrow #oil $oil So, a summation of the remarkable progress Arrow is making. Production really growing nicely. The first flush on Mateguafa and Icaco is really strong and the long tail of steady production and slower declines is getting fatter and longer. 10 000 boepd target is not a million miles away now. Production of 6500 boepd. Latest two wells added 726 boepd. September 1st, production was 6000 boepd. So only 226 boepd declines in the last 6 weeks. Implies declines are lower than previously. Latest well results. The key here is to look how thick the formations are across the C7, Gacheta, Guadalupe and Ubaque. Across Icaco 7 and 8, about 70 feet of net pay. Ubaque thick and slow production but a big pool of oil. C7, thinner but produces prolifically. C7 thick enough for them to drill Icaco-9 horizontally. On this well they have 950 feet of horizontal oil pay....as long as there are not too may water ingress issues, this could be quite some producer. Cash has grown $6.2m in one month....awesome! More firepower for more acquisitions.

@corp_arrow #AXL $AXL.V #OIL $OIL As promised and better late than never! Summation of analyst lunch last week and presentation attached for reference. Quite long but covers the key info. arrowexploration.ca/wp-conte… Key takeaways The basics, Producing 6000 bopd (growing) Sitting on $22m of cash (growing) 21m boe 2P reserves (growing) No debt, net backs over $60 at $100 brent. 1/. License extension: They have a fresh application in having spent much time in working groups with Ecopetrol. Ecopetrol have told them they do not want the block. They have not applied for a 5 year or 10 year extension but an extension for the ‘economic life’ of the field (i.e. way beyond ten years) . It will come with capex requirements and an increased royalty. It is working its way through three departments before sign off by the newly appointed CEO of Ecopetrol (friend of the newly elected oil and gas/mining friendly President). Probably will slip into Q1 2027 due to the month long Xmas break in Colombia. Significance:- and this is where it gets really interesting! See slide 5 and slide 7 of the presentation. Reserve valuation. Reserve valuation and what category the reserves fall into (1P, 2P, 3P etc.) is directly related to how long the license lasts. Present NAV assuming License ends in Feb. 2028 is $.67 A 5 year extension moves the NAV per share to $1.43 A 10 year extension moves that NAV per share to $2.56. So, what NAV per share will a ‘life of field’ generate?...Basically a lot higher. On a side note, one analyst question on just how big Icaco is (no doubt to work into future models)…brought an answer of a rough estimate of 100m BOE of oil in place just for Icaco. On the recovery percentages below, that is a lot of dollars. 2/. Operations: Icaco has plenty of running room, probably drilling there through to the end of H1 2027. More to drill at Mategufa, Alberta Lianos, RCE and Carrizales Norte. Multiple reservoirs to develop in each field plus recompletions in existing wells in sands still behind the pipe. Oxbow, Macoya, Capullo Sur and Capullo all to get exploration wells. Oxbow and Carrizales Norte have stratigraphic potential (potentially a lot more oil) Well ranking:- No1. Is C7 in the Icaco. Out performing all expectations. No hedging, driving capex and opex costs down. Payback on wells less than 6 months, latest Icaco wells in 2 months. Competitive fiscal regime. New President who is wanting to grow Oil and gas production. Recoveries: better than initially guided. For instance, on RCE (first discovered and developed field) recoveries have moved from 25% to 35%-40%. Driven by the strong aquifers and good stewardship. They expect to produce similar numbers on the Mateguafa and Icaco fields. 3/. Thorsby acquisition: Cretaceous sandstone. Prolific. 20 000 acres, heavy oil 13 API, multi stage frac. 3 wells per pad. C$2m per well, 500 plus bopd initial production. 200m boe in place , less than 3% recovered so far. Economics not as robust as Colombia but still very commercial. Will drill out step by step, within Thorsby cashflow. Three wells per annum roughly, starting in January. See what happens after first wells. Gas on the field easily identified by seismics and avoidable. Small gas caps. The engineer they are using has drilled 600 wells in this area. Less than 6 months pay back at present oil prices. 4/. M&A: looked at 62 opportunities in the past 18 months before making the Thorsby acquisition. Plenty of cash and the loan facility untouched so far. Oso pardo: Would love to extend the acreage and drill the shallow structures. Conoco Philips and Canacol were awarded the shallows as compensation for the frac moratorium on the deep rights. Arrow trying to farm into those shallow assets. Capella: 500m boe in place but heavy. 30m anticline, 10.5 API. They own 10%. It was flowing at 2500 bopd. In discussions to buy the asset, a potential target. “Cultural differences” between the locals and Chinese, they are looking to exit. New blocks: See slide 15. Check out the black lines trending SW to NE. These are fault lines. They run strongly south of the Tapir block and no one owns them. Bidding process opening up in coming weeks. They will bid.

@corp_arrow New Hannam note, raising their valuation. At $70 oil , 63p valuation. Oil over $100 now and has averaged over $90 for the year