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Alvopetro Announces Drilling Results from First Bom Lugar Oil Development Well
Alvopetro Announces Drilling Results from First Bom Lugar Oil Development Well Canada N...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n \n \n \n Alvopetro Announces Drilling Results from First Bom Lugar Oil Development Well\n \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.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n June 29, 2023\n \n \n /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces that we have completed drilling our BL-06 well on our 100% owned and operated Bom Lugar field in the Recôncavo Basin. Based on open-hole wireline logs the well has discovered a total of 35.4 metres of potential net oil pay, with an average porosity of 11.2% and average water saturation of 39.2%.\n \n \n President & CEO, Corey C. Ruttan commented:\n \n \n \n \"We are very pleased with the initial results from our first Bom Lugar oil development well. Based on logs, the well encountered thicker than anticipated Caruaçu sands and, with successful production testing, is expected to lead to an expanded development drilling program.\"\n \n \n \n The BL-06 well was spud on\n \n April 30, 2023\n \n and drilled to a total measured depth (\"MD\") of 3,244 metres. The primary target was the Caruaçu Member of the Maracangalha Formation with additional targets in the deeper Gomo Member of the Candeias Formation and the Agua Grande Formation. Based on open-hole logs, the BL-06 well encountered 35.4 metres of potential net oil pay in the Caruaçu Member at total vertical depth (\"TVD\") between 2,390 metres and 2,509 metres with an average porosity of 11.2% and an average water saturation of 39.2%, using an 8% porosity cut-off, 50% Vshale cut-off and 50% water saturation cut-off. The Gomo Member of the Candeias Formation was encountered between 2,509 and 3,097 metres TVD. Hydrocarbon shows were evident while drilling the Gomo Member, but no net pay was calculated based on open-hole logs. Drilling was concluded prior to reaching the Agua Grande Formation, however we still plan to target the Agua Grande Formation in future wells.\n \n \n Based on these drilling results, we plan to under...