Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

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Arrow Exploration Corp / Equity Bottom-Up

<ul><li>The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross (1,000 bbl/d net to Arrow) over four hours after unloading the kill fluid.</li><li>In the last 24 hours, the well has produced at a rate of 968 bbl/d (483 bbl/d net to Arrow) with 0% water cut. </li><li>This is a very good result at the top end of expectations of 500-1,000 bbl/d (300-500 bbl/d net to Arrow).</li></ul>

The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross (1,000 bbl/d net to Arrow) over four hours after unloading the kill fluid.In the last 24 hours, the well has produced at a rate of 968 bbl/d (483 bbl/d net to Arrow) with 0% water cut. This is a very good result at the top end of expectations of 500-1,000 bbl/d (300-500 bbl/d net to Arrow).

Arrow Exploration Corp. (AIM: AXL): High Flow Rate at RCE-3

<ul><li>RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.</li><li>The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.</li><li>Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.</li></ul>

RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.

Arrow Exploration Corp. (AIM: AXL): Positive drilling results at RCE-3

<ul><li>Arrow is about to embark on a 10 well drilling programme that could add between 2,800 and 4,800 boe/d net production (before decline and in a success case) to the existing constrained production base of ~1,800 boe/d.</li><li>Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.</li><li>This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).</li></ul>

Arrow is about to embark on a 10 well drilling programme that could add between 2,800 and 4,800 boe/d net production (before decline and in a success case) to the existing constrained production base of ~1,800 boe/d.Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).

Arrow Exploration Corp. (AIM: AXL): On track for a very busy 2023

<ul><li>3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d).</li><li>Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November).</li><li>While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) production.</li></ul>

3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d).Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November).While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) production.

Arrow Exploration Corp. - High 3Q22 Production in Colombia and US$4 Mm Free Cashflow

<ul><li>The East Pepper well is now in production at a rate of 1,000 boe/d.</li><li>Production from West Pepper continues to be constrained at 270 boe/d due to third party facility constraints.</li><li>Overall corporate production is now 2,530 boe/d; which is already very close to the target of 3,000 boe/d while not incorporating any potential addition from the upcoming programme.</li></ul>

The East Pepper well is now in production at a rate of 1,000 boe/d.Production from West Pepper continues to be constrained at 270 boe/d due to third party facility constraints.Overall corporate production is now 2,530 boe/d; which is already very close to the target of 3,000 boe/d while not incorporating any potential addition from the upcoming programme.

Arrow Exploration Corp. (AIM: AXL): Reaching >2,500 Boe/D Production

Canada

Arrow Exploration Corp. is a public junior oil and gas company. The Company focuses in the acquisition, exploration, and development of oil and gas properties in Colombia and in Western Canada.

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Arrow Exploration Corp (AXL LN)

Arrow Exploration Corp. (AIM: AXL): High Flow Rate at RCE-3

The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross (1,000 bbl/d net to Arrow) over four hours after unloading the kill fluid

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Positive drilling results at RCE-3

RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): On track for a very busy 2023

Arrow is about to embark on a 10 well drilling programme that could add between 2,800 and 4,800 boe/d net production (before decline and in a...

Auctus Advisors

Arrow Exploration Corp. - High 3Q22 Production in Colombia and US$4 Mm Free Cashflow

3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d).

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Reaching >2,500 Boe/D Production

Overall corporate production is now 2,530 boe/d; which is already very close to the target of 3,000 boe/d while not incorporating any potential...

Auctus Advisors

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