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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Despite Colombia facing challenges growing oil &amp; gas reserves on a national level, the country’s independent operators are scaling up.</li><li>Relative to the size of national oil &amp; gas reserves, Colombia's onshore discoveries in recent years may look marginal at best.</li><li>However, the size of the discoveries can be meaningful for smaller operators.</li></ul>

Despite Colombia facing challenges growing oil &amp; gas reserves on a national level, the country’s independent operators are scaling up.Relative to the size of national oil &amp; gas reserves, Colombia's onshore discoveries in recent years may look marginal at best.However, the size of the discoveries can be meaningful for smaller operators.

Oil & Gas Operators Guiding for Bottom-Up Growth Despite Colombia's Top-Down Challenges

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

<ul>
<li>The independent music company providing an end-to-end music services platform spanning talent management, live touring, merchandising, e-commerce and digital engagement, updates on commercial activities.</li>
<li>In the talent management division, they recently added Robbie Williams to the Group's management roster which shows an ability to attract and support globally recognised artists.</li>
<li>In services and technology, the Push acquisition in March is reported to be integrating rapidly with visible results in both client delivery and internal operations. </li>
</ul>


The independent music company providing an end-to-end music services platform spanning talent management, live touring, merchandising, e-commerce and digital engagement, updates on commercial activities.
In the talent management division, they recently added Robbie Williams to the Group's management roster which shows an ability to attract and support globally recognised artists.
In services and technology, the Push acquisition in March is reported to be integrating rapidly with visible results in both client delivery and internal operations. 


<ul>
<li>The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins reports for the three months ended 31 March 2026.</li>
<li>The average corporate production increased 15.4% to 4,715 boe/d. making $23.5m of total oil and natural gas revenue which is 21% higher than Q1 last year.</li>
<li>The EBITDA is $14.1m, a 22% increase when compared to Q1 2025. </li>
</ul>


The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins reports for the three months ended 31 March 2026.
The average corporate production increased 15.4% to 4,715 boe/d. making $23.5m of total oil and natural gas revenue which is 21% higher than Q1 last year.
The EBITDA is $14.1m, a 22% increase when compared to Q1 2025. 


<ul>
<li>The operator with a portfolio of assets across key Colombian hydrocarbon basins, updates on operational activity.</li>
<li>Drilling at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia has reached target depth of 11,455 ft on time and under budget and Arrow holds 50%.</li>
<li>The well was put on production at a heavily restricted rate, 32/128 choke and 33 Hz pump frequency and the testing results indicate that the well is capable of higher rates, and the ultimate flow rate will be determined in the first few weeks of production.</li>
</ul>


The operator with a portfolio of assets across key Colombian hydrocarbon basins, updates on operational activity.
Drilling at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia has reached target depth of 11,455 ft on time and under budget and Arrow holds 50%.
The well was put on production at a heavily restricted rate, 32/128 choke and 33 Hz pump frequency and the testing results indicate that the well is capable of higher rates, and the ultimate flow rate will be determined in the first few weeks of production.


Topps Tiles - Hybridan Small Cap Feast: 1 April 2026

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

Canada

Arrow Exploration is a Canadian junior oil and gas company focused on the acquisition, exploration, development, and production of crude oil and natural gas properties. The company operates in two segments: Colombia, its core area of operations, and Canada. Its primary assets are in Colombia's Llanos and Middle Magdalena Basins. The company was formed in 2018 and is headquartered in Calgary, Canada.

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Arrow Exploration (AXL LN)

Oil & Gas Operators Guiding for Bottom-Up Growth Despite Colombia's Top-Down Challenges

Despite Colombia facing challenges growing oil & gas reserves on a national level, the country’s independent operators are scaling up.

Water Tower Research

Hybridan Small Cap Feast: 17 June 2026

The independent music company providing an end-to-end music services platform spanning talent management, live touring, merchandising, e-commerce...

Hybridan

Hybridan Small Cap Feast: 27 May 2026

The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins reports for the three months ended 31 March 2026.

Hybridan

Topps Tiles - Hybridan Small Cap Feast: 1 April 2026

Drilling at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia has reached target depth of 11,455 ft on time and under...

Hybridan

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

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