# Arrow Provides Operational and Mid Year 2026 Reserves Update Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7 Original source: https://www.newsfilecorp.com/release/314650/Arrow-Provides-Operational-and-Mid-Year-2026-Reserves-Update Publisher: newsfile Original announcement: 2026-09-17T06:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-17T06:03:55.089Z Atlas analysis updated: 2026-09-17T06:03:55.089Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: significant\_reserve\_growth - Positive factor: new\_discovery\_contribution - Positive factor: acquisition\_contribution - Positive factor: strong\_npv\_values - Positive factor: high\_reserves\_replacement\_ratios - Positive factor: qp\_signed\_off - Negative factor: possible\_reserves\_lower\_certainty - Negative factor: 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 Growth** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-0) Arrow's assets · oil equivalent #### 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 factor: significant\_tonnage\_growth - Positive factor: new\_discovery\_contribution - Positive factor: acquisition\_contribution Evidence · table > 2,918 Context: Proved developed producing #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 2918000 against 1801000 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-1) Arrow's assets · oil equivalent #### 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 factor: slight\_tonnage\_decline Evidence · table > 678 Context: Proved developed non-producing #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 678000 against 693000 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-2) Arrow's assets · oil equivalent #### 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 factor: exceptional\_tonnage\_growth - Positive factor: new\_discovery\_contribution - Positive factor: acquisition\_contribution Evidence · table > 7,785 Context: Proved undeveloped #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 7785000 against 2921000 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-3) Arrow's assets · oil equivalent #### 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 factor: exceptional\_tonnage\_growth - Positive factor: new\_discovery\_contribution - Positive factor: acquisition\_contribution Evidence · table > 11,380 Context: Total Proved #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 11380000 against 5415000 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-4) Arrow's assets · oil equivalent #### 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 factor: strong\_tonnage\_growth Evidence · table > 10,039 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 10039000 against 6360000 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-5) Arrow's assets · oil equivalent #### 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 factor: exceptional\_tonnage\_growth - Positive factor: new\_discovery\_contribution - Positive factor: acquisition\_contribution Evidence · table > 21,419 Context: Total Proved plus Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 21419000 against 11775000 previously ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-6) Arrow's assets · oil equivalent #### 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 factor: strong\_tonnage\_growth - Negative factor: lower\_confidence\_category Evidence · table > 13,055 Context: Possible #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 13055000 against 8327000 previously ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/arrow-provides-operational-and-mid-year-2026-reserves-update--19b6ab1d-140a-4f0d-8ad4-cd7abd60c5f7#fact-resource-facts-7) Arrow's assets · oil equivalent #### 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 factor: strong\_tonnage\_growth - Positive factor: overall\_potential\_increase - Negative factor: lower\_confidence\_category\_mix Evidence · table > 34,474 Context: Total Proved plus Probable & Possible #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: 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.