Business
Alvopetro Announces Block 57 Exploration Well Results
Alvopetro Announces Block 57 Exploration Well Results Canada NewsWire CALGARY, A...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n\n\n\nAlvopetro Announces Block 57 Exploration Well Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Aug. 26, 2019\n\n\n\nCALGARY, Aug. 26, 2019 /CNW/ - Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces that we have completed drilling our 57(A1) well, located on Block 57 in the Recôncavo basin in the State of Bahia, Brazil. The 57(A1) well reached a total measured depth of 1,499 metres and did not discover commercial quantities of hydrocarbons. Alvopetro is in the process of abandoning the wellbore. The 57(A1) well satisfies our exploration work commitment on the block, subject to the approval of the National Agency of Petroleum, Natural Gas and Biofuels of Brazil.  \nAlvopetro 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.\nNeither 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.\nForward-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 expected timing and outcomes of certain of regulatory approvals and Alvopetro'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 ap...