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

Alvopetro Announces Gomo Resource Assessment

24.03.2021 | 0:28 Uhr | CNW

CALGARY, March 23, 2021 - Alvopetro Energy Ltd. (TSX-V: ALV) (OTCQX: ALVOF) announces the results of an independent assessment of the Company's Gomo natural gas resource prepared by GLJ Ltd. ("GLJ") dated March 23, 2021 with an effective date of December 31, 2020 (the "GLJ Resource Report"). The GLJ Resource Report includes risked best estimate contingent resource of 3.5 mmboe with a before tax net present value discounted at 10% of $37.7 million and risked best estimate prospective resource of 12.1 mmboe with a before tax net present value discount at 10% $144.8 million. The GLJ Resource Report was prepared in accordance with the Canadian Oil and Gas Evaluation ("COGE") Handbook and National Instrument 51-101 of the Canadian Securities Administrators ("NI 51-101").

Corey Ruttan, President and Chief Executive Officer, commented:

"With the successful production test of our 183(1) Gomo well earlier this year and the final investment decision on our Gomo transfer pipeline extension we are well positioned to implement a large-scale Gomo development. This represents a significant long-term opportunity with 2P reserves of 3.3 mmboe, risked best estimate contingent resource of 3.5 mmboe and risked best estimate prospective resource of 12.1 mmboe. Our Gomo asset is a unique part of our portfolio with very low assessed geological risk, analogous to many resource plays. This incremental Gomo resource shows the potential to add an additional 19 mmcfpd of productive capability from the Gomo project over the next 5 years. On a risked best estimate basis, our Gomo reserves and resources have the potential to be approximately 3 times larger than our core Caburé project."

The GLJ Resource Report is in addition to the Company's reserves as of December 31, 2020 (including reserves attributable to the Gomo natural gas property) as announced on March 9, 2021, and prospective resources for the Company's 183-B1 and 182-C1 exploration prospects assessed by GLJ with an effective date of July 31, 2020, as summarized below.

Alvopetro Reserve and Resource Volumes: (1)(2)(3)(4)(5))(8)(9)(10)







Reserves

Effective Date

Announced

1P

2P

3P




(Mboe)

(Mboe)

(Mboe)

Gomo Property

December 31, 2020

March 9, 2021

843

3,276

5,951

Caburé Property

December 31, 2020

March 9, 2021

4,098

6,018

7,668

Other Properties

December 31, 2020

March 9, 2021

167

300

589

Total Company Reserves (Gross)



5,108

9,593

14,209







Resources



Low Estimate

Best Estimate

High Estimate




(Mboe)

(Mboe)

(Mboe)

Risked Contingent Resource, Gomo

December 31, 2020

March 23, 2021

2,874

3,451

5,665

Risked Prospective Resource, Gomo

December 31, 2020

March 23, 2021

6,555

12,072

17,827

Risked Prospective Resource, 183-B1

July 31, 2020

September 8, 2021

901

2,574

5,859

Risked Prospective Resource, 182-C1

July 31, 2020

September 8, 2021

545

2,157

7,825

Net present value before tax discounted at 10%:(1)(2)(3) (4)(5))(8)(9)(10)





Reserves

1P

2P

3P


(MUS)

(MUS)

(MUS)

Gomo Property

$8,047

$44,389

$88,751

Caburé Property

$107,524

$146,901

$177,496

Other Properties

$893

$3,925

$8,569

Total Company

$116,463

$195,215

$274,816





Gomo Resource

Low Estimate

Best Estimate

High Estimate


(MUS)

(MUS)

(MUS)

Risked Contingent Resource, Gomo

$31,329

$37,711

$70,937

Risked Prospective Resource, Gomo

$65,565

$144,784

$220,437

On March 9, 2021, Alvopetro announced total company reserves effective December 31, 2020, including 1P reserves of 5.1 mmboe, 2P reserves of 9.6 mmboe, and 3P reserves of 14.2 mmboe. Our corporate reserves included Gomo reserves of 0.8 mmboe on a 1P basis, 3.3 mmboe 2P and 6.0 mmboe 3P.

On September 8, 2020, Alvopetro announced an independent prospective resource assessment and evaluation of our 183-B1 and 182-C1 exploration prospects with risked prospective resource of 2.6 mmboe and 2.2 mmboe respectively. This report was prepared by GLJ dated September 4, 2020.

The tables above provide a summary of the Company's reserves and contingent and prospective resources. Prospective resources and contingent resources should not be confused with reserves due to additional risks associated with resource estimates as described herein. The risked prospective resource data in respect of the 183-B1 prospect and the 182-C1 prospect is as of July 31, 2020 whereas all other reserves and resource data provided is as of December 31, 2020.

GLJ Resource Report

The GLJ Resource Report includes Contingent and Prospective Resources and has been prepared in accordance with the standards contained in the COGE Handbook that are consistent with the standards of NI 51-101. GLJ is a qualified reserves evaluator as defined in NI 51-101. The GLJ Resource Report was an evaluation of the gas resources of Block 197 and 183 (collectively referred to as our Gomo natural gas field). Reserves were assigned to our two existing Gomo wells (197-1 and 183-1) and two additional development locations in the Company's December 31, 2020 reserves as evaluated by GLJ in an independent reserve assessment and evaluation dated March 8, 2021 and announced by the Company on March 9, 2021. Contingent resource was assigned to the area in proximity to our existing Gomo reserves, deemed to be discovered. The area mapped by 3D seismic west and north of the area defined as contingent was assigned prospective resource.

December 31, 2020 Gomo Contingent Resource

Summary of Unrisked Company Gross Contingent Resources (2)(3) (4)(5) (6)(7)(8)(10)





Development Pending Economic Contingent Resources

Low Estimate

Best Estimate

High Estimate

Natural gas sales (mmcf)

16,640

19,978

32,798

Natural gas liquids (mbbl)

411

494

811

Barrels of oil equivalent (mboe)

3,185

3,824

6,277

See 'Footnotes' section at the end of this news release.

Summary of Before Tax Net Present Value of Future Net Revenue of Unrisked Contingent Resources- MUS (2)(3) (4)(5)(10)








Undiscounted

5%

10%

15%

20%

Low Estimate

$125,368

$60,938

$34,714

$21,609

$14,133

Best Estimate

$165,161

$74,652

$41,785

$26,157

$17,409

High Estimate

$317,194

$137,921

$78,600

$51,417

$36,258

See 'Footnotes' section at the end of this news release.

The table below sets out the project development costs assumed in the GLJ Resource Report in the estimation of future net revenue attributable to contingent resources and assumes first commercial production in 2023. The GLJ Resource Report assumes capital deployment during 2023 for the drilling of wells and expansion of facilities. There can be no certainty that the project will developed on the timelines discussed herein. Development of the project is dependent on several contingencies as further described in this news release. The information presented herein is based on company net project development costs.

Assumed Project Development Costs for Unrisked Contingent Resources (2021 Dollars) (2)(3) (4)(5) (10)





MUS

Low Estimate

Best Estimate

High Estimate

2021

-

-

-

2022

-

-

-

2023

23,200

23,200

23,200

2024

-

-

-

2025

-

-

-

Remaining Years

-

-

-

Total Undiscounted

23,200

23,200

23,200

See 'Footnotes' section at the end of this news release.

Projected Production Profile of Company Gross Sales Gas for Contingent Resources (2)(3) (4)(5) (10)












Mcf/d

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Low Estimate

-

-

2,746

4,133

3,349

2,839

2,474

2,205

1,983

1,809

Best Estimate

-

-

3,025

4,531

3,665

3,112

2,721

2,433

2,197

2,012

High Estimate

-

-

4,731

7,011

5,627

4,770

4,174

3,740

3,385

3,108

See 'Footnotes' section at the end of this news release.

The GLJ Resource Report estimates the Chance of Development as the product of two main contingencies associated with the project development, which are: 1) the probability of corporate sanctioning, which GLJ estimates at 95%; 2) the probability finalization of a development plan, which GLJ estimates at 95%. The product of these two contingencies is 90%. As there is no risk related to discovery, the Chance of Commerciality for the contingent resource is therefore 90% which is the risk factor that has been applied to the Development Risked company gross contingent resources and the net present value figures reported below.

Summary of Development Pending Risked Company Gross Contingent Resources(2)(3) (4)(5) (6)(7)(8)(10)







Low Estimate

Best Estimate

High Estimate

Natural gas sales (mmcf)

15,018

18,030

29,600

Natural Gas Liquids (mbbl)

371

446

732

Barrels of oil equivalent (mmboe)

2,874

3,451

5,665

See 'Footnotes' section at the end of this news release.

Summary of Development Pending Risked Before Tax Net Present Value of Future Net Revenue of Contingent Resources- MUS(2)(3)(4)(5)








Undiscounted

5%

10%

15%

20%

Low Estimate

$113,145

$54,996

$31,329

$19,502

$12,755

Best Estimate

$149,058

$67,373

$37,711

$23,607

$15,712

High Estimate

$286,268

$124,473

$70,937

$46,404

$32,723

See 'Footnotes' section at the end of this news release.

December 31, 2020 Gomo Prospective Resource

Summary of Unrisked Company Gross Prospective Resources (1)(3))(6)(7)(8)(10)





Prospective Resources

Low

Best

High

Natural gas sales (mmcf)

42,228

77,771

114,845

Natural gas liquids (mbbl)

1,044

1,922

2,839

Barrels of oil equivalent (mboe)

8,082

14,884

21,979

See 'Footnotes' section at the end of this news release.

Summary of Before Tax Net Present Value of Future Net Revenue of Unrisked Prospective Resources- MUS (1)(3))( 10)








Undiscounted

5%

10%

15%

20%

Low Estimate

$364,175

$156,837

$80,837

$46,010

$27,658

Best Estimate

$788,215

$332,405

$178,509

$109,044

$71,727

High Estimate

$1,251,475

$508,098

$271,783

$167,930

$112,442

See 'Footnotes' section at the end of this news release.

The table below sets out the project development costs assumed in the GLJ Resource Report in the estimation of future net revenue attributable to prospective resources and assumes first commercial production in 2024. The GLJ Resource Report assumes capital deployment starting 2024 for the drilling of wells, expansion of field facilities, and additional pipeline capacity. There can be no certainty that the project will developed on the timelines discussed herein. Development of the project is dependent on several contingencies as further described in this news release. The information presented herein is based on company project development costs.

Assumed Project Development Costs for Unrisked Prospective Resources (2021 Dollars) (1)(3))( 10)






Low

Best

High

2021

-

-

-

2022

-

-

-

2023

-

-

-

2024

27,200

27,200

27,200

2025

23,200

23,200

23,200

Remaining Years

11,600

11,600

11,600

Total Undiscounted

62,000

62,000

62,000

See 'Footnotes' section at the end of this news release.

Projected Production Profile of Company Gross Sales Gas for Prospective Resources(1)(3))(6)(7)(8)(10)












Mcf/d

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Low Estimate

-

-

-

2,756

6,828

9,191

8,280

7,063

6,157

5,487

Best Estimate

-

-

-

4,858

11,933

15,933

14,214

12,066

10,505

9,368

High Estimate

-

-

-

6,753

16,528

22,007

19,587

16,642

14,529

12,998

See 'Footnotes' section at the end of this news release.

The GLJ Resource Report estimates the Chance of Commerciality as the product between the Chance of Discovery and the Chance of Development. The Chance of Discovery of the prospective resources has been assessed at 90%, while the Chance of Development has been assessed as the same as for the Contingent Resources described above at 90%. The resulting Chance of Commerciality is 81%, which has been applied to the company gross unrisked prospective resources and the net present value figures reported below.

Summary of Development Risked Company Gross Prospective Resources(1)(3))(6)(7)(8)(10)







Low

Best


High

Natural gas sales (mmcf)

34,250

63,078


93,148

Natural gas liquids (mbbl)

847

1,559


2,302

Barrels of oil equivalent (mmboe)

6,555

12,072


17,827

See 'Footnotes' section at the end of this news release.

Summary of Development Risked Before Tax Net Present Value of Future Net Revenue of Prospective Resources- MUS(1)(3)








Undiscounted

5%

10%

15%

20%

Low Estimate

$295,374

$127,207

$65,565

$37,318

$22,433

Best Estimate

$639,303

$269,606

$144,784

$88,443

$58,176

High Estimate

$1,015,042

$412,107

$220,437

$136,204

$91,199

See 'Footnotes' section at the end of this news release.

Footnotes:

(1)

Prospective Resources - Prospective Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery as described in footnote (3).

(2)

Contingent Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage.

(3)

Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.


Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.


High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

(4)

The Contingent Resources estimated in the GLJ Resource Report are classified as "economic contingent resources", which are those contingent resources that are currently economically recoverable. All such resources are further sub-classified with a project status of "development pending", meaning that resolution of the final conditions for development are being actively pursued.

(5)

The recovery estimates of the Company's contingent resources provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. There is uncertainty that it will be commercially viable to produce any portion of the resources. Actual recovered resource may be greater than or less than the estimates provided herein.

(6)

mmcf = million cubic feet

(7)

mbbl - thousands of barrels

(8)

Mboe - thousands of barrels of oil equivalent

(9)

The reserve table above is a summary of the reserves of Alvopetro as evaluated in the GLJ Reserve Report. The tables summarize the data contained in the GLJ Reserve Report and as a result may contain slightly different numbers than such report due to rounding. Also, due to rounding, certain columns may not add exactly.

(10)

References to Company Gross reserves or Company Gross Resources means the total working interest share of remaining recoverable reserves or resources owned by Alvopetro before deductions of royalties payable to others and without including any royalty interests owned by Alvopetro.

(11)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

(12)

Prospective resources assessed by GLJ with an effective date on July 31, 2020 (announced by the Company on September 8, 2020).

Pricing Assumptions - Forecast Prices and Costs

GLJ employed the following pricing and inflation rate assumptions as of December 31, 2020 in the GLJ Resource Report in estimating resources.

Year

Brent Blend
Crude Oil FOB
North Sea
($/Bbl)

National
Balancing Point
(UK)

($/mmbtu)

NYMEX Henry Hub
Near Month
Contract

($/mmbtu)

Alvopetro-Bahiagas
Gas Contract

($/mmbtu)

2021

50.75

6.50

2.75

5.70

2022

55.00

5.85

2.80

6.40

2023

58.50

5.85

2.85

6.65

2024

61.79

6.00

2.90

6.89

2025

62.95

6.15

2.95

7.14

2026

64.13

6.25

3.01

7.31

2027

65.33

6.35

3.07

7.45

2028

66.56

6.50

3.13

7.59

2029

67.81

6.65

3.19

7.74

2030

69.17

6.78

3.25

7.90

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 news release are in United States dollars, except as otherwise noted.

Contingent Resources. This news release discloses estimates of Alvopetro's contingent resources and the net present value associated with net revenues associated with the production of such contingent resources. There is no certainty that it will be commercially viable to produce any portion of such contingent resources and the estimated future net revenues do not necessarily represent the fair market value of such contingent resources. Estimates of contingent resources involve additional risks over estimates of reserves.

Prospective Resources - This news release discloses estimates of Alvopetro's prospective resources. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Estimates of prospective resources involve additional risks over estimates of reserves. The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While resources presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward.

Oil and Natural Gas Reserves. The disclosure in this news release summarizes certain information contained in the GLJ Report but represents only a portion of the disclosure required under NI 51-101. Full disclosure with respect to the Company's reserves as at December 31, 2020 will be contained in the Company's annual information form for the year ended December 31, 2020 which will be filed on SEDAR (www.sedar.com) on or before April 30, 2021. All net present values in this press release are based on estimates of future operating and capital costs and GLJ's forecast prices as of December 31, 2020. The reserves definitions used in this evaluation are the standards defined by COGEH reserve definitions and are consistent with NI 51-101 and used by GLJ. The net present values of future net revenue attributable to the Alvopetro's reserves estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Abbreviations:

1P

=

proved reserves

2P

=

proved plus probable reserves

3P

=

proved plus probable plus possible

Mboe

=

thousand barrels of oil equivalent

MMbtu

=

million British Thermal Units

MMcf

=

million cubic feet

MMcf/d

=

million cubic feet per day

MMboe

=

million barrels of oil equivalent

MMUS

=

millions of U.S. dollars

MUS

=

thousands of U.S. dollars

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. More particularly and without limitation, this news release contains forward-looking information concerning the plans relating to the Company's operational activities, and the expected gas sales and gas deliveries 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, testing, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of the COVID-19 pandemic, 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.



Contact
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
 
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