Slide 1: Arrow Exploration Corporate Presentation September 2025
ARROW EXPLORATION Growing & Socially-Responsible Colombia-Focused Energy Company AIM|TSXV : AXL September 2025 Corporate Presentation Unless stated otherwise, all dollar figures refer to US dollars ARROW EXPLORATION CORP. (TSXV | AIM : AXL)
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 We Are
Who We Are We are Explorers We are Multi-Zone Exploiters • 3 discoveries, RCE, CN, and Alberta Llanos • 5 zones producing (Carbonera C7, • 3 3D projects completed. Over 215 km² of Guadalupe, Ubaque, Gacheta, and seismic acquired Umir) • Multiple bypass pay opportunities We are Developers We are Soci
Slide 4: The Arrow Journey
The Arrow Journey 2020 2021 2022 2023 2024 2025 Q1 Q1 first Q2 new Q1 3D seismic 3D seismic Q4 listing on developmental horizontal well management acquired on acquired on AIM at 6.25p program at at Carrizales team West Tapir Southeast Tapir RCE Norte 3 exploration Q4 Alberta wells Q3 Carrizales Llan
Slide 5: Corporate Snapshot
Corporate Snapshot Institutional 33.4% Share Ownership Market at June 30, 2025 Retail 19.6% Canacol High Net Worth 18.5% 21.0% $72M USD $1.04 USD $13m USD 286m ($97M CAD) Askar HighAlshinbayev Net Worth 16.81% 18.8% Market Value 2P NAV/Share (2P + Cash / Shares) Cash in Bank Shares O/S (303M fully-d
Slide 6: LatAm Peer Group Comparison
LatAm Peer Group Comparison Arrow is undervalued relative to peers EV/EBITDA EV/Production 4.00x 70,000 3.50x 60,000 3.00x 50,000 USD/BOE/D 2.50x 40,000 2.00x 30,000 1.50x 20,000 1.00x 0.50x 10,000 0.00x - Peer Peer Peer Peer Peer Peer Peer Peer Arrow Peer Peer Peer Peer Peer Peer Peer Peer Arrow Av
Slide 7: 2024 Year-End Reserves
2024 Year-End Reserves (1) Forecast Price at Dec 2024 YE 2024 $/bbl YEAR Brent (1) 2025 76.50 2026 78.50 2027 80.00 2028 81.50 2029 83.50 2030 85.17 2031 86.87 2032 88.61 2033 90.38 2034 92.19 2034+ 2% per year 1. Boury GEC December 31st, 2024 Reserve Report PAGE 6
Slide 8: 2025 Strategy: High Growth Development
2025 Strategy High Growth Development Funded through cash balance and operations cash flow 2025 Operator Contract Mateguafa Mateguafa 1 AB Step Out 1 CN Vertical Signed with New Rig CN North HZ 2 CN HZ Wells Attic Road & Oeste Pad Well Well Petrolco. Commissioned Development Pad being Built Developm
Slide 9: Total Production
Total Production Individual well New management team PAGE 8
Slide 10: HZ Well Program Carrizales Norte
HZ Well Program Carrizales Norte OIL PRODUCTION PROFILE 3,500 Declines 16%/month first Declines 4%/month fifth four months month to month 12 3,000 2,500 OIL RATE, bopd 2,000 1,500 1,000 500 0 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 450 DAYS CNB-HZ1 CNB-HZ3 CNB-HZ4 CNB-HZ5 CNB-HZ6 CNB-
Slide 11: HZ Well Program Carrizales Norte Cumulative Oil Production
HZ Well Program Carrizales Norte CUMULATIVE OIL PRODUCTION 500,000 450,000 400,000 350,000 > 500 % OIL VOLUME, bo 300,000 250,000 IRR 200,000 150,000 100,000 50,000 0 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 450 DAYS CNB-HZ1 CNB-HZ3 CNB-HZ4 CNB-HZ5 CNB-HZ6 CNB-HZ7 CN-HZ10 PAGE 10
Slide 12: Llanos Basin: Colombian Oil Portfolio
Colombian Oil Portfolio Llanos Basin ARROW EXPLORATION CORP. (TSXV | AIM : AXL)
Slide 13: Tapir Contract
Tapir Contract - The Tapir contract expires in February 2028 - The contract contains two, 5-year extension provisions that can be granted at the discretion of Ecopetrol - All obligations for an extension listed in the contract, financial, production, communities, have been fulfilled - The partners (
Slide 14: Llanos Basin
Llanos Basin The ‘Park Avenue’ of Colombia’s Oil Industry – Safe, Secure and Highly-Desirable The Tapir Block in the Llanos is surrounded by some of the largest producers in Colombia • Parex: 51,143 boe/d • Frontera: 41,586 boe/d • GeoPark: 35,465 boe/d • Gran Tierra: 29,493boe/d • Perenco: 21,000 b
Slide 15: Tapir Block: Fields, Prospects & Leads
Tapir Block: Fields, Prospects & Leads 2025 Exploration Wells Mateguafa Oeste Mateguafa Attic Mateguafa Attic Icaco Ardea Carbonera B Mateguafa Oeste Carbonera C Alberta Field Capullo Ubaque Prospect Objectives Carrizales Norte Truncations Field Complex Macoya Este Multi-Zone 3D Seismic Data Caporal
Slide 16: Water Disposal Capacity
Water Disposal Capacity PAGE 15
Slide 17: Drill Ready Prospects
Drill Ready Prospects ARROW EXPLORATION CORP. (TSXV | AIM : AXL)
Slide 18: Mateguafa Oeste & Capullo Prospects
Mateguafa Oeste & Capullo Prospects Low Risk Exploration – Scope and Repeatability ▪ Large prospects enhanced by fault trends ▪ Truncation of Ubaque Main sands against depositional edge ▪ Look-alikes to Carrizales Norte Ubaque discovery ▪ Land acquisition Ubaque Reservoir complete, with Mateguafa Oe
Slide 19: Mateguafa Attic Prospect – Scope and Repeatability
Mateguafa Attic Prospect – Scope and Repeatability Multi Zone Potential ▪ Mateguafa field discovered in 1998. Four wells drilled, two C7 producers (M1-M3, Cumed 630k bbls) ▪ Stratigraphic and Structural trapping C7, Guadalupe, Gacheta and Ubaque potential ▪ Original wells drilled on poor quality 2D
Slide 20: Icaco Prospect – Scope and Repeatability
Icaco Prospect – Scope and Repeatability Top Ubaque depth structure A Icaco structural closure B A ICACO-1 B • The Icaco prospect has been re-mapped using the C7 newly acquired Tapir Sur 3D. Guadalupe Gacheta Marker • It is a robust 3-way fault dependent closure, with 4 targets, the Ubaque as the pr
Slide 21: Alberta Llanos Discovery
Alberta Llanos Discovery ARROW EXPLORATION CORP. (TSXV | AIM : AXL)
Slide 22: Alberta Llanos Discovery
Alberta Llanos Discovery ▪ 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 Top
Slide 23: Carrizales Norte Field
CN Pad Carrizales Norte Field CNB Pad ARROW EXPLORATION CORP. (TSXV | AIM : AXL)
Slide 24: Carrizales Norte: Horizontal Well Program
Carrizales Norte: Horizontal Well Program ▪ The first horizontal well was spud on May 14th, 2024. A 622 m horizontal section was drilled within the Main Ubaque reservoir. The well was brought on production on June 15, Main Ubaque depth structure 2024 and initial production 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 characteristics – Carrizales Norte porosity of 28 – 34% and multi-Darcy Conceptual C7 Existing Wells permeabilities Development Plan ▪ Light oil (>30o API) and strong water B Current C7 Producers drive allo
Slide 26: Rio Cravo Este Field
Rio Cravo Este Field ARROW EXPLORATION CORP. (TSXV | AIM : AXL)
Slide 27: 2025 New Drills - C7 Structure Map
2025 New drills - C7 Structure Map RCE- 9 targeting the C7 and Ubaque RCE-HZ 10 targeting the Ubaque PAGE 26
Slide 28: Rio Cravo Este Field – Future Development
Rio Cravo Este Field – Future Development Top C7 Structure Map Future C7 Development Locations Future Gacheta Development area C7 Pool Outline PAGE 27
Slide 29: Corporate Update: Share Buy Back and Prepayment Facility
Corporate Update Share Buy Back Program - On June 13, 2025, Arrow announced the Share Buy Back Program - Under the program, Arrow is able to buy back 14,293,217 shares in a 12-month period. - The total amount that can be spent on the Share Buy Back Program is $3.6 million. - The Company’s goals are
Slide 30: Near Term Catalyst – Scope and Repeatability
Near Term Catalyst – Scope and Repeatability 2025 Plan Alberta* Llanos CN North HZ Mateguafa Oeste Mateguafa South 3D Seismic RCE Development Icaco Exploration Development Development Accretive M&A Exploration Attic Exploration 3 Major Near term discoveries exploration to date: prospects -RCE - M. O
Slide 31: Corporate Information
203, 2303 – 4th Street SW Calgary Alberta T2S 2S7 Marshall Abbott CEO T: 1 (403) 651 5995 E: mabbott@arrowexploration.ca Corporate Information Joe McFarlane CFO T: 1 (403) 818 1033 E: jmcfarlane@arrowexploration.ca Auditors: Ernst & Young LLP Legal Counsel: Gowling WLG (Canada) LLP NOMAD: Canaccord