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Alvopetro Announces February 2022 Sales Volumes, Commencement of 2022 Drilling Program and Additional Debt Repayment
Alvopetro Announces February 2022 Sales Volumes, Commencement of 2022 Drilling Program an...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n \n \n \n Alvopetro Announces February 2022 Sales Volumes, Commencement of 2022 Drilling Program and Additional Debt Repayment\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbbb1{\nBORDER-BOTTOM:black 1pt\n}\n.prnsbtb1{\nBORDER-TOP:black 1pt\n}\n.prnrbrb1{\nBORDER-RIGHT:black 1pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnml4{\nMARGIN-LEFT:0.33em; MARGIN-TOP:0em; MARGIN-BOTTOM:0em\n}\n.prnsblb1{\nBORDER-LEFT:black 1pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n March 3, 2022\n \n /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces February sales volumes of 2479 boepd, including natural gas sales of 14.3 mmcfpd and associated natural gas liquids sales from condensate of 99 bopd based on field estimates. All natural gas sales in February are at our new contracted price of\n \n BRL1.94\n \n /m3 or\n \n $11.28\n \n /mcf (based on our average heat content to date of 107% and the average February foreign exchange rate of 5.1966 , a 48% increase from our previous contracted price of\n \n BRL1.31\n \n /m3.  This price is effective for all natural gas sales from\n \n February 1 to July 31, 2022\n \n .\n \n \n \n 2022 Drilling Program\n \n \n \n Following a thorough process to commission the drilling rig, on\n \n March 2, 2022\n \n , we spud the 182-C1 well on Block 182, the first of two conventional natural gas exploration wells planned for 2022. We anticipate that the well will take approximately 42 days to drill. The 182-C1 well is targeting unrisked best estimate prospective recoverable resource of 4.6 mmboe (risked best estimate prospective resource of 2.2 mmboe). Thereafter, the rig will move onto the 183-B1 well on the adjacent Block 183. This well is expected to take approximately 45 days to drill.\n \n \n Following our two-well conventional exploration program we plan to drill our first fit-for-purpose Murucututu Gomo development well...