Arrow Exploration says it's had its “best quarter yet"

Arrow Exploration says it's had its “best quarter yet"

Thu, August 27, 2026 at 2:17 PM GMT+3 1 min read

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) said its second quarter was its "best quarter yet", with adjusted EBITDA rising 300% year on year to US$25.1 million as revenue more than doubled.

Revenue net of royalties increased 116% to US$34.2 million, while average production climbed 30% to 4,902 barrels of oil equivalent per day and was 4% higher than the first quarter. Growth was driven by additional volumes from the Mateguafa Attic and newly discovered Icaco fields in Colombia's Tapir block.

Corporate operating netback rose to US$63.42 per barrel of oil equivalent from US$27.36 a year earlier, helped by higher crude prices and lower operating costs per barrel. Net income reached US$10.4 million compared with a US$0.9 million loss a year earlier, while operating cash flow totalled US$15.7 million.

Arrow finished June with US$28.5 million of cash and no debt. Since quarter-end, it has acquired a 100% working interest in the producing Thorsby field in Alberta for C$12.15 million, around US$8.9 million, funded from cash reserves, and continued development drilling at Icaco.

The company said its focus for the remainder of 2026 will be further Icaco drilling and well recompletions. It is also continuing discussions with authorities over an extension to the Tapir block.

Canadian-liseted shares of Arrow were up 6% on Thursday afternoon.