• The 3Q24 financials were in line with our expectations with cash of US$16.5 mm at the end of September, which is consistent with previous indications. • The sixth horizontal well at Carrizales Norte (CNB HZ-7) is producing 700 bbl/d of oil (350 bbl/d net to Arrow) with a water cut of 65%. While this flow rate is lower than at previous wells, we note that the horizontal well has been positioned lower in the structure and only 50 feet above the oil water contact. The other horizontal wells were ....