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Alvopetro Announces January Sales Volumes, Semi-Annual Natural Gas Price Redetermination and Operational Update
Alvopetro Announces January Sales Volumes, Semi-Annual Natural Gas Price Redetermination ...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n \n \n \n Alvopetro Announces January Sales Volumes, Semi-Annual Natural Gas Price Redetermination and Operational Update\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.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Feb. 4, 2021\n \n /CNW/ - Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF, $ figures are expressed in US$ unless otherwise noted) announces January sales volumes, our semi-annual natural gas price redetermination, and an operational update.  January natural gas sales averaged 11.0 mmcfpd with associated natural gas liquids sales from condensate of 91 bopd, for an overall daily average of 1,923 boepd, based on field estimates.\n \n \n Our semi-annual gas price redetermination under our long-term gas sales agreement with Bahiagás was completed effective\n \n February 1\n \n , 2021.  Sales from\n \n February 1, 2021\n \n to\n \n July 31, 2021\n \n will be priced at BRL$1.06/m\n \n 3\n \n , which equates to\n \n $5.88\n \n /mcf based on Alvopetro's average heat content to date at a 7% premium and prevailing exchange rates as of\n \n February 1\n \n , 2021.  Future realized US$ denominated sales will be impacted by changes in BRL/US$ exchange rates.  As a result of the increase in Alvopetro's natural gas price and based on our current rate of production, we are now forecasting approximately\n \n $18 million\n \n of EBITDA in 2021.\n \n \n Our production test on our 183-1 well is continuing and results are expected later this quarter. We have completed drilling location civil construction for our 183-B1 and 182-C1 natural gas exploration wells and expect to commence drilling these wells in the second quarter of 2021.\n \n \n \n Corporate Presentation\n \n \n \n Alvopetro's updated c...