Arrow Exploration (AXL) AGM 2026 summary

Opening remarks and agenda

• Hybrid meeting held in person and by live audiocast; formal business covered audited FY2025 statements, director elections, auditor appointment, and the amended stock option plan.

• The audited consolidated FY2025 statements and auditor’s report were received by shareholders.

Financial performance review

• As of Sep. 14, market capitalization was $145 million U.S.; production exceeded 6,000 bpd and was growing, with 21 million barrels of 2P reserves.

• Cash was $22 million as of Sep. 1, after the $9 million Thorsby acquisition; Brent at $87/bbl corresponded to a stated netback of $52/bbl, while $80 crude yielded $55/bbl net.

• Five Tapir Block discoveries had generated 50 development wells; $6 million was invested in 215 sq. km of 3D seismic, and $240 million net had been spent in onshore Colombia.

• Carrizales Norte wells were reported to exceed 500% IRR; vertical wells were described as capable of paying out in two to three months.

Board and executive committee updates

• Five directors were elected: G. Marshall Abbott, Grant M. Carnie, Gage Jull, Ian Langley, and Ravi Sharma, to serve until the next AGM or appointment of successors.

• Gage Jull chaired the meeting; Marshall Abbott presented the business update, and Joe McFarlane reviewed financial resources and the Tapir extension discussions.