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.

Equity Bottom-Up

<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 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)

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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