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>The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).</li><li>RCE-5 encountered the largest net pay in the current programme.</li><li>Carrizales Norte Carrizales Norte is a very high chance of success prospect (~75% but we assume 50% in our forecasts).</li></ul>

The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).RCE-5 encountered the largest net pay in the current programme.Carrizales Norte Carrizales Norte is a very high chance of success prospect (~75% but we assume 50% in our forecasts).

Arrow Exploration Corp. -  The RCE-5 Well Encounters One of the Largest Net Pay to Date

<ul><li>Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.</li><li>This includes mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).</li><li>Other reserves movements The YE22 2P and 3P reserves at Ombu (4.6 mmboe and mmboe respectively) are broadly unchanged compared with the estimates at the end of June.</li></ul>

Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.This includes mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).Other reserves movements The YE22 2P and 3P reserves at Ombu (4.6 mmboe and mmboe respectively) are broadly unchanged compared with the estimates at the end of June.

Arrow Exploration Corp. (AIM: AXL) - Adding Reserves in Colombia

<ul><li>The RCE-4 well has been put in production.</li><li>This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net).</li><li>Increasing production at RCE-3 Production has RCE-3 has increased from 650 bbl/d (325 bbl/d net) as per last week’s press release to 822 bbl/d (411 bbl/d).</li></ul>

The RCE-4 well has been put in production.This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net).Increasing production at RCE-3 Production has RCE-3 has increased from 650 bbl/d (325 bbl/d net) as per last week’s press release to 822 bbl/d (411 bbl/d).

Arrow Exploration Corp. (AIM: AXL): Good flow rate at RCE-4

<ul><li>The RCE-4 well encountered 45 feet of net oil pay, including 25 feet in the Carbonera C7 and 20 feet in the Lower Gacheta.</li><li>The 25 feet encountered in the Carbonera C7 at RCE-4 compares with 19 feet in the same sand at RCE-3, 16 feet at RCE-2 and 38 feet at RCS-1 (C7A and C7B sands). </li><li>RCE-2 is currently producing ~ 500 bbl/d (net to Arrow), RCS-1 is at &gt;350 bbl/d (net) while RCE-3 is producing ~325 bbl/d (net).</li></ul>

The RCE-4 well encountered 45 feet of net oil pay, including 25 feet in the Carbonera C7 and 20 feet in the Lower Gacheta.The 25 feet encountered in the Carbonera C7 at RCE-4 compares with 19 feet in the same sand at RCE-3, 16 feet at RCE-2 and 38 feet at RCS-1 (C7A and C7B sands). RCE-2 is currently producing ~ 500 bbl/d (net to Arrow), RCS-1 is at &gt;350 bbl/d (net) while RCE-3 is producing ~325 bbl/d (net).

Arrow Exploration Corp. (AIM: AXL): Another good well result

<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

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. - The RCE-5 Well Encounters One of the Largest Net Pay to Date

The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet). RCE-5 encountered the...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL) - Adding Reserves in Colombia

Other reserves movements The YE22 2P and 3P reserves at Ombu (4.6 mmboe and mmboe respectively) are broadly unchanged compared with the estimates...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Good flow rate at RCE-4

The RCE-4 well has been put in production. This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net).

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Another good well result

The 25 feet encountered in the Carbonera C7 at RCE-4 compares with 19 feet in the same sand at RCE-3, 16 feet at RCE-2 and 38 feet at RCS-1 (C7A...

Auctus Advisors

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

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