Arrow Provides Operational and Mid Year 2026 Reserves Update
Original announcement by newsfile on
- Company
- Arrow Exploration Corp.
- Ticker
- AXL
- Exchange
- Unavailable
- Region
- Unavailable
- Primary commodity
- Oil equivalent
- Secondary commodities
- None reported
- Document categories
- Resource update
- Extracted
- 2026-09-17 06:03:55 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Arrow Exploration Corp. announced a highly positive mid-year 2026 reserves update, reporting significant increases across all categories. Proved Developed Producing (PDP) reserves rose by 62% to 2.9 MMboe, Proved (1P) reserves increased by 110% to 11.4 MMboe, and Proved plus Probable (2P) reserves grew by 82% to 21.4 MMboe. These substantial gains were primarily driven by the discovery of the Icaco field in Colombia and the accretive acquisition of the Thorsby asset in Canada, with strong Net Present Value (NPV-10) figures also reported.
Reasoning: Arrow Exploration Corp. reported substantial increases across all reserve categories (Proved, Probable, and Possible) in its mid-year 2026 update, driven by the Icaco field discovery and the Thorsby asset acquisition, significantly enhancing the company's asset base and future value.
Positive factors
- significant_reserve_growth
- new_discovery_contribution
- acquisition_contribution
- strong_npv_values
- high_reserves_replacement_ratios
- qp_signed_off
Negative factors
- possible_reserves_lower_certainty
- 1p_reserves_contingent_on_extension
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 8
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Proved Developed Producing reserves increased by 62%, Proved Undeveloped reserves by 167%, Total Proved by 110%, Probable by 58%, Total Proved plus Probable by 82%, Possible by 57%, and Total Proved plus Probable & Possible by 71%.
Evidence · text
“PDP +62%, 1P +110%, 2P +82% and 3P +71%”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The technical information has been reviewed and approved by Nilanjan Ganguly, Chief Geophysicist of Arrow Exploration Corp., who is a member of APEGA.
Evidence · text
“The technical information contained in this announcement has been reviewed and approved by Nilanjan Ganguly, Chief Geophysicist of Arrow Exploration Corp. Mr. Ganguly is a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA)”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The reserves report was prepared in accordance with National Instrument 51-101, which is the Canadian standard for disclosure of oil and gas activities, analogous to NI 43-101 for minerals.
Evidence · text
“prepared in accordance with the standards contained in the most recent publication of the COGEH and the reserves definitions contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101").”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides an update to the company's mid-year reserves evaluation.
Evidence · text
“Arrow Provides Operational and Mid Year 2026 Reserves Update”
Extracted facts
Stored fact records: 8. Some facts used in scoring do not have a stored record.
Resource Estimates (8)
provenArrow's assets · oil equivalentTonnes: 2918000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:baa85a940bd6dc900a52
Resource Data
- Category
- proven
- Tonnes
- 2918000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 1801000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Proved Developed Producing reserves increased by 62% due to the Icaco discovery and Thorsby acquisition, indicating strong operational success and accretive growth.
Positive factors
- significant_tonnage_growth
- new_discovery_contribution
- acquisition_contribution
Evidence · table
“2,918”
Context: Proved developed producing
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 2918000 against 1801000 previously
provenArrow's assets · oil equivalentTonnes: 678000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:375d86c89bc514063d47
Resource Data
- Category
- proven
- Tonnes
- 678000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 693000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Proved Developed Non-Producing reserves saw a slight decrease of 2%, which is minor in the context of overall reserve growth.
Negative factors
- slight_tonnage_decline
Evidence · table
“678”
Context: Proved developed non-producing
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 678000 against 693000 previously
provenArrow's assets · oil equivalentTonnes: 7785000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:a039b87a614e272b549e
Resource Data
- Category
- proven
- Tonnes
- 7785000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 2921000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Proved Undeveloped reserves increased by a substantial 167%, indicating significant future development potential from new discoveries and acquisitions.
Positive factors
- exceptional_tonnage_growth
- new_discovery_contribution
- acquisition_contribution
Evidence · table
“7,785”
Context: Proved undeveloped
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 7785000 against 2921000 previously
provenArrow's assets · oil equivalentTonnes: 11380000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:9bbd9a12b40a61f6b872
Resource Data
- Category
- proven
- Tonnes
- 11380000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 5415000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Total Proved reserves more than doubled, increasing by 110%, reflecting strong overall growth in the highest confidence reserve category.
Positive factors
- exceptional_tonnage_growth
- new_discovery_contribution
- acquisition_contribution
Evidence · table
“11,380”
Context: Total Proved
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 11380000 against 5415000 previously
probableArrow's assets · oil equivalentTonnes: 10039000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:12166cdaac3fb3291781
Resource Data
- Category
- probable
- Tonnes
- 10039000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 6360000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Probable reserves increased by 58%, adding significant additional volumes with good certainty.
Positive factors
- strong_tonnage_growth
Evidence · table
“10,039”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 10039000 against 6360000 previously
probableArrow's assets · oil equivalentTonnes: 21419000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:35d578d92bada1e9eb3c
Resource Data
- Category
- probable
- Tonnes
- 21419000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 11775000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Total Proved plus Probable reserves increased by 82%, demonstrating substantial growth in the company's overall reserve base.
Positive factors
- exceptional_tonnage_growth
- new_discovery_contribution
- acquisition_contribution
Evidence · table
“21,419”
Context: Total Proved plus Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 21419000 against 11775000 previously
Fact 7Arrow's assets · oil equivalentTonnes: 13055000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:e10d5f9be23bebc0f8ca
Resource Data
- Tonnes
- 13055000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 8327000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Possible reserves increased by 57%, adding significant volumes with lower certainty, indicating future upside potential.
Positive factors
- strong_tonnage_growth
Negative factors
- lower_confidence_category
Evidence · table
“13,055”
Context: Possible
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 13055000 against 8327000 previously
Fact 8Arrow's assets · oil equivalentTonnes: 34474000View all detailsHide details
Identity
- Project
- Arrow's assets
- Commodity
- oil equivalent
- Ticker
- AXL
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-08-15T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Nilanjan Ganguly
- Resource group id
- resource:d98d5e2af5784ad69620
Resource Data
- Tonnes
- 34474000
Prior Estimate
- Resource Date
- 2026-08-15
- Prior Tonnes
- 20102000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-17T00:00:00.000Z
Reasoning: Total Proved plus Probable & Possible reserves increased by 71%, reflecting a substantial overall increase in the company's total resource potential.
Positive factors
- strong_tonnage_growth
- overall_potential_increase
Negative factors
- lower_confidence_category_mix
Evidence · table
“34,474”
Context: Total Proved plus Probable & Possible
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 34474000 against 20102000 previously
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.