What do you believe is the single most important factor driving up the cost of living in Nigeria?

CALGARY, AB, Oct. 7, 2024 /CNW/ - Alvopetro Energy Ltd. ALV ALVOF announces September 2024 sales volumes and an operational update.

President & CEO, Corey C. Ruttan commented:

"We saw increased production levels through the third quarter, and we are very excited about strong early production results from our 183-A3 completion. We look forward to continued production from the well and based on these early results we expect to be drilling follow up locations starting later this year."

September Sales Volumes

September sales volumes averaged 1,963 boepd including natural gas sales of 11.2 MMcfpd, associated natural gas liquids sales from condensate of 87 bopd and oil sales of 9 bopd, based on field estimates. Our Q3 2024 sales averaged 2,106 boepd, a 29% increase compared to 1,629 boepd in Q2 2024.

Natural gas, NGLs and crude oil sales: September 2024 August 2024 Q3 2024 Q2 2024 Natural gas (Mcfpd), by field:

Caburé 10,016 10,648 11,379 8,822 Murucututu 1,185 336 615 422 Total Company natural gas (Mcfpd) 11,201 10,984 11,994 9,244 NGLs (bopd) 87 79 95 76 Oil (bopd) 9 9 12 12 Total Company (boepd) 1,963 1,919 2,106 1,629

Operational Update

In September, we finished the initial completion of our 183-A3 well. The well came on production during September and is still cleaning up as we produce natural gas and completion fluids. For the last 72 hours of continuous production, the 183-A3 well has produced at an average rate of 59.4 e3m3/d (2.1 MMcfpd) gas, 175 barrels of completion fluid per day and 50 barrels of condensate per day. Flowing wellhead pressure has averaged 1,195psi (8,239kPa) during this period, with the final value being 1,150 psi (7,926kPa). Production has been managed through a constant 18/64" choke and we still have not recovered all the completion fluid introduced into the well. In parallel, we finished the recompletion of our 183-1 well in an uphole Caruaçu zone and, based on swab results, we have contacted a zone that is only producing water. We will continue to monitor the production from the 183-A3 well and based on those results we expect to design a follow up intervention for the 183-1 well and commence a drilling project up-dip of the 183-A3 well from our prebuilt 183-D pad location.

Corporate Presentation

Alvopetro's updated corporate presentation is available on our website at:

http://www.alvopetro.com/corporate-presentation.

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter - https://twitter.com/AlvopetroEnergy

Instagram - https://www.instagram.com/alvopetro/

LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd

YouTube -https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé and Murucututu natural gas assets and our strategic midstream infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

Abbreviations:

boepd = barrels of oil equivalent ("boe") per day bopd = barrels of oil and/or natural gas liquids (condensate) per day e3m3/d = thousand cubic metre per day m3 = cubic metre m3/d = cubic metre per day Mcf = thousand cubic feet Mcfpd = thousand cubic feet per day MMcfpd = million cubic feet per day NGLs = natural gas liquids

BOE Disclosure. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Well Results. Data obtained from the 183-A3 well and the 183-1 well including production volumes should be considered to be preliminary. There is no representation by Alvopetro that the information contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the wells or of expected production or operational results for Alvopetro in the future.

SOURCE Alvopetro Energy Ltd.

View original content: http://www.newswire.ca/en/releases/archive/October2024/07/c4913.html

• Read More