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Alvopetro Energy Ltd.
Alvopetro Energy Ltd.
Registriert in: Kanada WKN: A1W90K Rohstoffe:
Art: Originalaktie ISIN: CA02255Q1000 Rohöl
Heimatbörse: TSX Venture Alternativ: ALVOF
Währung: CAD    
Symbol: ALV.V Forum:

Alvopetro Announces Preliminary Gomo 183(1) Well Test and Operational Update

06.01.2020 | 13:45 Uhr | CNW

CALGARY, Jan. 6, 2020 - Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) ("Alvopetro") announces preliminary results from our post-stimulated Gomo 183(1) well test, and an operational update.

Gomo Tight Gas Resource (100% Alvopetro) - 183(1) Well Test

Our 183(1) well, located on Block 183 (100% working interest) in the Recôncavo basin in the State of Bahia, Brazil was originally drilled in 2014 to a total depth of 3,550 metres. We recently completed the stimulation of an 18 metre zone in the Gomo Member of the Candeias Formation. We commenced an initial flowback and clean-up flow process on December 16, 2019 to recover completion and stimulation fluids. Over this flowback period the well has produced a total of 5.82 million cubic feet ("mmcf") of natural gas, 647 barrels ("bbl") of completion fluid and 249 barrels of 56 degree API condensate, or approximately 43 bbls of condensate per mmcf of natural gas. Based on hours on production, the well has produced at average rates of 0.734 million cubic feet per day ("mmcf/d") of natural gas, 82 bbl/d of completion fluid and 31 bbl/d of condensate. As a result of limited equipment availability, our ability to accelerate the clean-up flow period has been limited. We are currently cycling the well to recover the remaining completion fluid. Over the last three cycles (10-hour shut-in period, followed by 6-hour production period) the well has produced at average rates (based on production hours) of 0.919 mmcf/d of natural gas, 31 bbl/d of completion fluid and 27 bbl/d of condensate with a final flowing wellhead pressure of 175 psi on a 32/64" choke. Although the well is exhibiting increasing initial production rates on each cycle, average production rates are still being limited by liquid loading as the remaining completion fluid re-enters the wellbore. Once the clean-up process has been completed, we will commence our 72-hour production test.

Operational Update

Caburé Unit Development (49.1% Alvopetro)

The Caburé Unit development plan includes construction of high-pressure gas production facilities, tie-in of all wells, and drilling up to four new wells. The third development well (7-CBE-1D-BA) in the plan was recently drilled to a depth of 1,759 metres measured depth ("MD"). Based on open-hole logs, the well encountered 72 metres of potential net pay in the Caruacu Member of the Maracangalha Formation, with average porosity of 13.1% and average water saturation of 37%, consistent with expectations. Remaining field development, consisting of inter-well flowlines, the high-pressure facilities expansion, including connection to Alvopetro's Midstream Project, is expected to be completed this month. A fourth development well may be drilled on the west side of the main fault depending on future production results from the existing offsetting well.

Caburé Midstream Project (100% Alvopetro)

Our Caburé Midstream Project includes construction of an 11-kilometre Transfer Pipeline and a Gas Treatment Facility ("Facility"). Construction of the Transfer Pipeline has now been completed. Hydrostatic testing and final tie-in to the Caburé Unit facilities is expected to be completed this month. The Facility is being constructed by Enerflex Ltd. ("Enerflex") and they will own and operate the Facility on our behalf. The mechanical assembly of the Facility is planned to be completed later in January and the Facility is expected to be commissioned in February and March.

Our natural gas will be sold under our long-term gas sales agreement with Bahiagás, the local distribution company for the state of Bahia. As part of this agreement, Bahiagás agreed to extend their distribution network by 15 kilometres and construct a new gas receiving station (City Gate) at the Facility site. Bahiagás has commenced construction along the pipeline right of way and has also started construction at the City Gate. Bahiagas expects to complete their projects in April, at which time Alvopetro plans to start natural gas deliveries from the Caburé field.

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 the construction of 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.

Testing and Well Results. Data obtained from the 183(1) well and the 7-CBE-1D-BA well identified in this press release, including hydrocarbon shows, open-hole logging, net pay, porosities, and preliminary testing data (including production test rates and initial flow rates) should be considered to be preliminary until detailed pressure transient analysis and interpretation has been completed, and ultimately until longer-term production rates are demonstrated. Hydrocarbon shows can be seen during the drilling of a well in numerous circumstances and do not necessarily indicate a commercial discovery or the presence of commercial hydrocarbons in a well. Initial flow rates and production test rates are not determinative of the rates at which such wells will commence production and decline thereafter. Additionally, such rates may also include recovered "load oil" fluids used in well completion stimulation. There is no representation by Alvopetro that the data relating to the wells contained in this press release is necessarily indicative of long-term performance or ultimate recovery of hydrocarbons. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future.

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. More particularly and without limitation, this news release contains forward-looking information concerning the plans relating to the Company's operational activities and expected timing of commencement of gas sales under Alvopetro's long-term gas sales agreement. The forward?looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to the timing of regulatory licenses and approvals, the success of future drilling, completion, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, 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 these and other factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed through the SEDAR website 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.

Corey C. Ruttan, President, Chief Executive Officer and Director, or Alison Howard, Chief Financial Officer, Phone: 587.794.4224, Email: info@alvopetro.com, www.alvopetro.com, TSX-V: ALV, OTCQX: ALVOF
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