CALGARY,
AB, May 4, 2023 /CNW/ - Alvopetro Energy
Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces April 2023 average sales volumes and an
operational update and timing for release of our Q1 2023 results
and earnings call.
April 2023 Sales
Volumes
April sales volumes averaged 1,972 boepd, including natural
gas sales of 11.3 MMcfpd and associated natural gas liquids
sales from condensate of 84 bopd, based on field estimates. Sales
volumes in April declined from our average Q1 2023 of 2,767
boepd. April sales volumes were lower due to reduced demand during
the month from Bahiagás as well as higher nominated volumes from
our partner at the Caburé unit. We anticipate May sales
volumes to continue at rates similar to average volumes in April.
Future sales volumes will be dependent on available
Caburé unit production, production additions from our
Murucututu field with the development work planned this year and
overall demand from Bahiagás.
Operational Update
In March, we commenced stimulation operations at our 197(1) well
on our Murucututu natural gas field. While operations have
progressed slower than initially scheduled, we have now
successfully stimulated three of four planned intervals at the
well, injecting a total of 89 tonnes of sand into the formation.
Stimulation of the final interval is expected to be completed
shortly and we expect the well to be on production this month.
Following completion of stimulation operations, we plan to drill
two Murucututu fit-for-purpose development wells in the second half
of 2023.
On our Bom Lugar field, we spud our first development well
(BL-06) on April 30th and drilling is
underway. The BL-06 well is targeting the Caruaçu Formation with
additional potential in the deeper Gomo and Agua Grande Formations.
We expect drilling to be completed late in the second quarter.
Upcoming Q1 2023 Results and Live Webcast
Alvopetro anticipates announcing first quarter 2023 results on
May 10, 2023, after markets close,
and will host a live webcast to discuss the results at 8:00 am Mountain time, on May 11, 2023. Details for joining the event are
as follows:
Date: May 11,
2023
Time: 8:00 AM
Mountain/10:00 AM Eastern
Link: https://us06web.zoom.us/j/89193926478
Dial-in numbers: https://us06web.zoom.us/u/kcmVqG8cd9
Webinar ID: 891 9392 6478
The webcast will include a question and answer period. Online
participants will be able to ask questions through the Zoom portal.
Dial-in participants can email questions directly to
socialmedia@alvopetro.com.
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 natural gas field 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:
bbls
|
=
|
barrels
|
boepd
|
=
|
barrels of oil
equivalent ("boe") per day
|
bopd
|
=
|
barrels of oil and/or
natural gas liquids (condensate) per day
|
MMcf
|
=
|
million cubic
feet
|
MMcfpd
|
=
|
million cubic feet per
day
|
Q1 2023
|
=
|
three months ended
March 31, 2023
|
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.
Forward-Looking Statements and Cautionary
Language. This news release contains "forward-looking
information" within the meaning of applicable securities laws. The
use of any of the words "will", "expect", "intend" and other
similar words or expressions are intended to identify
forward-looking information. Forward–looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
vary significantly from the expectations discussed in the
forward-looking statements. These forward-looking statements
reflect current assumptions and expectations regarding future
events. Accordingly, when relying on forward-looking statements to
make decisions, Alvopetro cautions readers not to place undue
reliance on these statements, as forward-looking statements involve
significant risks and uncertainties. More particularly and without
limitation, this news release contains forward-looking information
concerning the anticipated timing of completion of the 197(1)
stimulation and drilling of the BL-06 well, anticipated timing of
production commencement from the 197(1) well, expected natural gas
allocations from the Caburé unit, natural gas sales
and gas deliveries under the Company's long-term gas sales
agreement, plans relating to the Company's operational activities,
proposed exploration development activities and the timing for such
activities and exploration and development prospects of Alvopetro.
The forward–looking statements are based on certain key
expectations and assumptions made by Alvopetro, including but not
limited to expectations and assumptions concerning the performance
of producing wells and reservoirs, foreign exchange rates, well
development and operating performance, the timing of regulatory
licenses and approvals, equipment availability, the success of
future drilling, completion, testing, recompletion and development
activities, expectations regarding Alvopetro's working interest and
the outcome of any redeterminations, environmental regulation,
including regulation relating to hydraulic fracturing and
stimulation, the ability to monetize hydrocarbons discovered, the
outlook for commodity markets and ability to access capital
markets, general economic and business conditions, the impact of
the COVID-19 pandemic, weather and access to drilling locations,
the availability and cost of labour and services, the regulatory
and legal environment and other risks associated with oil and gas
operations. The reader is cautioned that assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be incorrect. Actual results
achieved during the forecast period will vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors. Although Alvopetro believes that
the expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because Alvopetro can
give no assurance that it will prove to be correct. Readers are
cautioned that the foregoing list of factors is not exhaustive.
Additional information on factors that could affect the operations
or financial results of Alvopetro are included in our annual
information form which may be accessed on Alvopetro's SEDAR profile
at www.sedar.com. The forward-looking information
contained in this news release is made as of the date hereof and
Alvopetro undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE Alvopetro Energy Ltd.