We took control of the first half at Stevenage Borough as a penalty from Jamie O'Hara and fine finish from Simon Dawkins put us 2-0 up.
We could have added to that tally both in the first half and in the opening five minutes of the second half but chances went begging and, as expected, Arsenal hit back.
Nacer Barazite's goal after 51 minutes signalled a shift in power and Arsenal were soon level through Fran Merida Perez's free-kick.
From there it went end-to-end with both sides having opportunities to score but perhaps a draw was fair.
Development coach Clive reflected: "I was very pleased with the performance, particularly in the first half.
"We went 2-0 up with a lot of good play and the unfortunate thing is had we been a little more ruthless we could have been 3-0 up and that would have made it very difficult for them to come back.
"We knew Arsenal would come at us in the second half, they did that and it was a top quality game, great for the development of the lads.
"It had all the emotions - 2-0 up, 2-2, we could have won it, could have lost it - all the things that you want them to experience and learn from and I think they will.
"Overall, we've created at least five good chances against a team that will be very difficult to beat so all credit to the lads for that, the only disappointment was we didn't take them."
Clive Allen went through all the emotions as our reserves slugged it out with Arsenal in a thrilling 2-2 draw on Monday night.