Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

Tortilla Mexican Grill / Equity Bottom-Up

<ul>
<li>The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins provides an update on the operational activity at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50% beneficial interest.</li>
<li>The well was put on production at a heavily restricted rate, 21/128 choke and 30 Hz pump frequency, of around 230 BOPD gross (115 BOPD net).</li>
<li>The oil quality is 31° API and there is a 78% water cut (completion fluid and formation water). </li>
</ul>


The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins provides an update on the operational activity at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50% beneficial interest.
The well was put on production at a heavily restricted rate, 21/128 choke and 30 Hz pump frequency, of around 230 BOPD gross (115 BOPD net).
The oil quality is 31° API and there is a 78% water cut (completion fluid and formation water). 


Tortilla Mexican Grill PLC - Hybridan Small Cap Feast: 28 January 2026

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.

<ul>
<li>YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.</li>
<li>This represents an increase of 15% and 25%, respectively vs. YE23.</li>
<li>Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).</li>
</ul>


YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.
This represents an increase of 15% and 25%, respectively vs. YE23.
Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).


Arrow Exploration Corp. (AIM: AXL): Appraisal drilling results at Alberta Llanos unlock full field development with horizontal wells

<ul>
<li>The 3Q24 financials were in line with our expectations with cash of US$16.5 mm at the end of September, which is consistent with previous indications.</li>
<li>The sixth horizontal well at Carrizales Norte (CNB HZ-7) is producing 700 bbl/d of oil (350 bbl/d net to Arrow) with a water cut of 65%.</li>
<li>While this flow rate is lower than at previous wells, we note that the horizontal well has been positioned lower in the structure and only 50 feet above the oil water contact.</li>
</ul>


The 3Q24 financials were in line with our expectations with cash of US$16.5 mm at the end of September, which is consistent with previous indications.
The sixth horizontal well at Carrizales Norte (CNB HZ-7) is producing 700 bbl/d of oil (350 bbl/d net to Arrow) with a water cut of 65%.
While this flow rate is lower than at previous wells, we note that the horizontal well has been positioned lower in the structure and only 50 feet above the oil water contact.


Arrow Exploration Corp. (AIM: AXL): Production Growth and Exploration Upside

<ul>
<li>The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.</li>
<li>The well reached TD ~ one month ago.</li>
<li>After ~1 month of production, CNB HZ-1 and CNB HZ-3 were also producing &gt;30% water with ~1 mbbl/d oil production (gross).</li>
</ul>


The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.
The well reached TD ~ one month ago.
After ~1 month of production, CNB HZ-1 and CNB HZ-3 were also producing &gt;30% water with ~1 mbbl/d oil production (gross).


Arrow Exploration Corp. (AIM: AXL): 1.9 Mbbl/D at Latest CN Well. Water Disposal Infrastructure Operational. High Net Cash.

<ul>
<li>The fourth horizontal well at Carrizales Notre (CNB HZ-5) has been put on production at a gross oil rate of 2.7 mbbl/d (1.35 mbbl/d net to Arrow) with a water cut of 11%.</li>
<li>This flow rate compares favourably with CNB HZ-4 that was put on production at a gross oil rate of &gt;2.5 mbbl/d (8% water cut).</li>
<li>Overall gross oil production from the three other horizontal wells is ~5.62 mbbl/d (~2.8 mbbl/d net to Arrow) including 2.1 mbbl/d for CNB HZ-4, 1.9 mbbl/d for CNB HZ-3 and 1.6 mbbl/d for CNB HZ-1.</li>
</ul>


The fourth horizontal well at Carrizales Notre (CNB HZ-5) has been put on production at a gross oil rate of 2.7 mbbl/d (1.35 mbbl/d net to Arrow) with a water cut of 11%.
This flow rate compares favourably with CNB HZ-4 that was put on production at a gross oil rate of &gt;2.5 mbbl/d (8% water cut).
Overall gross oil production from the three other horizontal wells is ~5.62 mbbl/d (~2.8 mbbl/d net to Arrow) including 2.1 mbbl/d for CNB HZ-4, 1.9 mbbl/d for CNB HZ-3 and 1.6 mbbl/d for CNB HZ-1.


Arrow Exploration Corp. (AIM: AXL): Another horizontal well with high flow rate

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Arrow Exploration (AXL CN)

Tortilla Mexican Grill PLC - Hybridan Small Cap Feast: 28 January 2026

The well was put on production at a heavily restricted rate, 21/128 choke and 30 Hz pump frequency, of around 230 BOPD gross (115 BOPD net).

Hybridan

Arrow Exploration Corp. (AIM: AXL): Appraisal drilling results at Alberta Llanos unlock full field development with horizontal wells

YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23.

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Production Growth and Exploration Upside

The 3Q24 financials were in line with our expectations with cash of US$16.5 mm at the end of September, which is consistent with previous indications.

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): 1.9 Mbbl/D at Latest CN Well. Water Disposal Infrastructure Operational. High Net Cash.

The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%. The...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Another horizontal well with high flow rate

The fourth horizontal well at Carrizales Notre (CNB HZ-5) has been put on production at a gross oil rate of 2.7 mbbl/d (1.35 mbbl/d net to Arrow)...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)