Slide 1: Arrow Exploration Corporate Presentation
AIM | TSXV : AXL ARROW EXPLORATION Growing & Socially-Responsible Colombia-Focused Energy Company Corporate Presentation | July 2026 Unless stated otherwise, all dollar figures refer to US dollars
Slide 2: Disclaimer
Disclaimer Important Information The content of information contained in this presentation (the “Presentation”) has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance upon this Presentation for the purpose of engaging in any
Slide 3: Who is Arrow Exploration?
Who is Arrow Exploration? Explorers Developers • 5 Arrow discoveries including Icaco, RCE, CN, MA, and • 47 wells drilled, 26.6 kms of roads built, 5 well pads Alberta Llanos • Drilled 10% of all wells in Colombia in 2024 (ex-Ecopetrol) • Over 215 km² of 3D seismic acquired across 2 contracts Multi-
Slide 4: Corporate Snapshot
Corporate Snapshot $95MM 5,000 + 11.78mmbbl Market Cap – June 30, 2026 BOE/D 2025 2P Reserves $135 Million CAD Production $42.82/bbl $27MM $23.5M Oil Netbacks Cash/No debt Revenue, net of royalties Q1 2026 (Brent - $81) June 30, 2026 Q1 2026 Asset Basin WI Net Production Operator 1- Tapir Llanos 50%
Slide 5: 2025 Year-End Reserves
2025 Year-End Reserves Independent reserve evaluation by Boury GEC | December 31, 2025 Brent Forecast Pricing Year $/bbl 2025 $69.10 2026 $67.00 2027 $68.50 2028 $73.50 2029 $75.50 2030 $77.01 2034+ 2%/year Arrow's 50% interest in the Tapir block is contingent on assignment by Ecopetrol.
Slide 6: Total Production
Total Production • Improved resource recovery rates and reduced downtime, contributing to higher overall production • Clear pathway for future growth established, with ongoing projects and exploration set to further boost production • Broad production spread across wells – reduces concentration risk
Slide 7: Brent vs. Netback
arrow Brent vs. Netback Soy a Brent vs. Netback $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $- $60.00 $70.00 $80.00 $90.00 $100.00 Brent mNetback mOpex mRoyalties m Differentials
Slide 8: Horizontal Well Program
Horizontal Well Program Carrizales Norte Performance Horizontal wells maximize reservoir contact, improving recovery rates and extending productive well life across the Carrizales Norte field 17%/month decline rate over first seven months— 1%/month decline rate during the next demonstrating predicta
Slide 9: HZ Well Program Returns
HZ Well Program Returns Carrizales Norte The horizontal well program at Carrizales Norte delivers exceptional returns, validating Arrow's development strategy and capital allocation discipline. Proven Economics Repeatable Model Industry-leading returns driven by low-cost operations and high-quality
Slide 10: Colombian Oil Portfolio
Colombian Oil Portfolio Llanos Basin
Slide 11: Llanos Basin - Home to Arrow's core Tapir Block
Llanos Basin- Home to Arrow’s core Tapir Block The ‘Park Avenue’ of Colombia’s Oil Industry – Safe, Secure and Highly-Desirable • Largely flat-lying areas with little vertical relief • Strong community support Parex acquired Frontera assets
Slide 12: The Tapir Block
The Tapir Block • Beneficial 50% WI with 65,154 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 e
Slide 13: Development on the Tapir Block
Development on the Tapir Block
Slide 14: Icaco Discovery
.~ ARROW & Icaco Discovery Soy a
Slide 15: Icaco Discovery
Icaco Discovery B Icaco-2 A Icaco-1 • Icaco-1 well drilled in 5 days➔ Pay in the C7, Gacheta and Ubaque formations • Icaco-2 delineation also drilled • Development plan includes horizontal and deviated wells
Slide 16: Icaco Development
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Slide 17: Mateguafa Attic Discovery
Mateguafa Attic Discovery Scope and Repeatability- C7 Development Plan Top C7 depth structure • Mateguafa field discovered in 1998. Four wells drilled, two C7 producers A B (M1-M3, Cumed 630k bbls) MAT-1 M-19 M-20 • Stratigraphic and Structural trapping A M-18 MAT-3 C7, Guadalupe, Gacheta and Ubaque
Slide 18: Mateguafa C9 Development Plan
Mateguafa C9 Development Plan 4000 to 5000 feet of Horizontal Section Homogenous oil charged sandstone Mat-HZ-7 was drilled in December 2025 ➔ Cumed 110 K Bbls so far Mat-HZ-9 was drilled in January 2026 ➔ On production Mat-HZ-12 was drilled in April 2026 ➔ On production C9 Producers ➔ Mateguafa-5 (
Slide 19: Mateguafa Attic C7-C9 Pay
Mateguafa Attic C7-C9 Pay C7 C9 • Arrow Exploration has reported encountering thick pay zones in the C7 formation at the Mateguafa Attic play, in particular M-6 and M- HZ7 have shown significant net oil pay • C9 formation has proven to be an excellent producing zone and is currently the main produci
Slide 20: Mateguafa C9 Structural Cross Section
Mateguafa C9 Structural Cross Section A B OIL 20
Slide 21: Alberta Llanos Field
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Slide 22: Alberta Llanos Field
Alberta Llanos Field • 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 3.5 km northeast of Carrizales Norte discovery on same fault trend
Slide 23: Carrizales Norte Field
arrow Carrizales Norte Field EXPLORATION JP”
Slide 24: Carrizales Norte: Horizontal Well Program
Carrizales Norte: Horizontal Well Program • The first horizontal well was spud on May 14, 2024. A 622 m horizontal section was drilled within the Main Ubaque reservoir. The well was brought on production on June 15, 2024 and initial production Main Ubaque depth structure was over 3,000 bbl/d gross (
Slide 25: Carrizales Norte: C7 Potential
Carrizales Norte: C7 Potential • Reservoirs consist of channelized sand bodies with excellent Carrizales Norte Conceptual C7 Existing Wells characteristics – porosity of 28 – 34% and multi-Darcy permeabilities Development Plan Current C7 • Light oil (>30o API) and strong water drive allow for very h
Slide 26: Rio Cravo Este Field
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Slide 27: RCE Development
RCE Development RCE-HZ-10 drilled in 2025 targeting Ubaque RCE- 9 drilled in 2025 targeting C7 Future Ubaque HZs Future C7 drills Future Gacheta drills C7 Structure Map Ubaque Structure Map
Slide 28: Tapir Block: Fields, Prospects & Leads
Tapir Block: Fields, Prospects & Leads – Scope and Repeatability Inventory and Running Room • The Tapir Block contains the Icaco, Carrizales Norte (CN), RCE, Alberta and Mateguafa Fields, all of which are producing and have demonstrated significant oil potential, providing a strong foundation for fu
Slide 29: Oxbow Prospect
Oxbow Prospect Downdip extent Channel edge (stratigraphic) and structural dip acting as trap Alberta pad surface location • Oxbow is a stratigraphically trapped prospect • C7 is the primary target. • The channel geometry can be mapped from 3D seismic amplitudes • Oxbow can be reached from existing A
Slide 30: Oxbow Prospect
Oxbow Prospect Top C7 depth structure (cropped at channel edge) Downdip extent Channel edge C7 channel amplitude extraction A (stratigraphic) and structural dip acting as X trap Downdip extent B 1 KM Y • Oxbow is a stratigraphically trapped prospect • C7 is the primary target. • The channel geometry
Slide 31: Capullo Prospect Low Risk Exploration
Capullo Prospect Low Risk Exploration – Scope and Repeatability B ▪ Large prospect enhanced by fault trends ▪ Truncation of Ubaque Main sands against depositional edge ▪ Look-alikes to Carrizales Norte Ubaque discovery PINCH OUT ▪ Land acquisition complete, with EDGE environmental studies to follow
Slide 32: Macoya Prospect
Macoya Prospect – Scope and Repeatability Top Ubaque depth Structure Top C7 depth Structure a MACOYA-1 MACOYA-1 b 500 M 500 M MACOYA-1 MACOYA-1 logs – C7 MACOYA-1 logs – Ubaque • The Macoya-1 was drilled in April-1993, by Heritage Colombia, based on available 2D seismic • The well encountered reserv
Slide 33: Caporal Sur Prospect
Caporal Sur Prospect A B C7 Guadalupe Gacheta Ubaque Paleozoic Guadalupe depth structure 1 KM Caporal Sur A B • Caporal sur is a 4-way dip closure mapped over the Tapir Sur 3D survey • The structure is observed on the depth migrated volume • The structure extends from the Ubaque to the C7 reservoirs
Slide 34: Water Disposal Capacity
Water Disposal Capacity • Licensed to dispose of 119,237 BPD • Arrow received ANLA (Colombian environmental agency) approval for increased water disposal, enhancing their ability to support production growth
Slide 35: Financial Resources
Financial Resources Prepayment Facility - Prepayment On May 30, 2025, Facility Arrow announced it had entered into a two-year crude prepayment agreement with an integrated energy major • On May 30, 2025, Arrow announced it had - The agreement provides access for up to 20 million USD in entered prepa
Slide 36: Near Term Catalysts
Near Term Catalysts – Scope and Repeatability 5 Major Discoveries to Date – 47 Successful Wells Drilled ➢ Mateguafa Attic Exploration and Development ➢ RCE ➢ Alberta Llanos ➢ Icaco Exploration and development ➢ Mateguafa Attic ➢ Carrizales Norte ➢ CN North HZ Development ➢ Icaco ➢ RCE Development Ke
Slide 37: Near Term Catalysts
Near Term Catalysts – Scope and Repeatability 5 Major Discoveries to Date 2026 Focus 5 Major Discoveries to Date – 47 Successful ➢ RCE Wells Drilled ➢ Alberta Llanos ➢ Mateguafa Attic Exploration ➢ RCE➢ Mateguafa Attic and Development ➢ Carrizales Norte ➢ Alberta Llanos ➢ Icaco ➢ Mateguafa Attic ➢ I
Slide 38: Contact details
Marshall Abbott CEO T: 1 (403) 651 5995 E: mabbott@arrowexploration.ca Joe McFarlane CFO T: 1 (403) 818 1033 203, 2303 – 4th Street SW E: jmcfarlane@arrowexploration.ca Calgary Alberta T2S 2S7 Auditors: Ernst & Young LLP Legal Counsel: Gowling WLG (Canada) LLP NOMAD: Canaccord Genuity Limited Broker