Alvopetro Announces Q4 2023 Dividend of US$0.14 Per Share and Commencement of Caburé Unit Redetermination Process

About this update from Alvopetro Energy Ltd.

[{"type":"text","content":"\n \n \n \n Alvopetro Announces Q4 2023 Dividend of US$0.14 Per Share and Commencement of Caburé Unit Redetermination Process\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 18, 2023\n \n \n /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV;) (OTCQX: ALVOF) announces our Q4 2023 dividend and an update on our Caburé Unit Redetermination process.\n \n \n \n Q4 2023 Dividend\n \n \n \n Our Board of Directors has declared a quarterly dividend of\n \n US$0.14\n \n per common share, payable in cash on\n \n January 15, 2024\n \n , to shareholders of record at the close of business on\n \n December 29, 2023\n \n . This dividend is designated as an \"eligible dividend\" for Canadian income tax purposes.\n \n \n Dividend payments to non-residents of\n \n Canada\n \n will be subject to withholding taxes at the Canadian statutory rate of 25%.  Shareholders may be entitled to a reduced withholding tax rate under a tax treaty between their country of residence and Canada.  For further information, see Alvopetro's website at\n \n https://alvopetro.com/Dividends-Non-resident-Shareholders\n \n .\n \n \n \n Caburé Redetermination Process\n \n \n \n As previously disclosed, the Caburé natural gas discovery extends across two blocks owned by Alvopetro (Block 197 and 198) and two adjacent blocks owned by a third party (Blocks 211 and 212). Under Brazilian legislation, petroleum accumulations straddling two or more licensed blocks must undergo unitization (pooling) in order to promote efficient and fair exploration and development. In\n \n April 2018\n \n , Alvopetro and the adjacent resource owner finalized the terms of the Unit Operating Agreement (\"UOA\"), the unit development plan and all related agreements, with Alvopetro's initial working interest share of the unitized area (the \"Unit\") being 49.1% and Alvopetro's 50.9% partner being named initial operator. Under the terms of the UOA, the working interest split is subject to redeterminations. The first redetermination was to o...

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