CALGARY,
AB, Aug. 22, 2022 /CNW/ - Alvopetro
Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces that we have
suspended testing at the 182-C1 well on our 100% owned and operated
Block 182 in the Recôncavo basin. During the testing operation we
perforated the entire 25m of net pay
section of the well on tubing conveyed perforations in an
underbalanced condition. No formation flow was observed after the
initial perforations. We injected 124 barrels ("bbls") of 15%
hydrochloric acid to remove possible near wellbore damage. We then
removed the liquid from the wellbore with a jet lift operation
using nitrogen and coil tubing. After recovering 231 bbls of the
initial 303 bbls of brine and acid we discontinued operations, due
to lack of progress in removing any further liquids. We have not
recovered any hydrocarbons from the wellbore and will continue to
monitor the wellbore pressure from surface, but expect to
permanently abandon wellbore in the future.
The primary and secondary targets of the 182-C1 well were the
Agua Grande and Sergi Formations, respectively. Based on open hole
logs, the 182-C1 well encountered net pay in the Agua Grande
Formation very close to the main bounding fault and the well
crossed over the fault before encountering the secondary target in
the Sergi Formation. We plan to drill a follow up well, 182-C2, to
assess the Agua Grande reservoir quality and to target the Sergi
Formation further east from the bounding fault. We expect to spud
the 182-C2 well later in August.
Corporate Presentation
Alvopetro's updated corporate presentation is available on our
website at:
http://www.alvopetro.com/corporate-presentation.
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Alvopetro 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 our
strategic midstream infrastructure.
Neither 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.
Forward-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. Forward‐looking statements involve
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
vary significantly from the expectations discussed in the
forward-looking statements. These forward-looking statements
reflect current assumptions and expectations regarding future
events. Accordingly, when relying on forward-looking statements to
make decisions, Alvopetro cautions readers not to place undue
reliance on these statements, as forward-looking statements involve
significant risks and uncertainties. More particularly and without
limitation, this news release contains forward-looking information
concerning exploration and development prospects of Alvopetro and
the expected timing of certain of Alvopetro's operational
activities. The forward‐looking statements are based on certain key
expectations and assumptions made by Alvopetro, including but not
limited to expectations and assumptions concerning testing results,
equipment availability, the timing of regulatory licenses and
approvals, the success of future drilling, completion, testing,
recompletion and development activities, the outlook for commodity
markets and ability to access capital markets, the impact of the
COVID-19 pandemic, the performance of producing wells and
reservoirs, well development and operating performance, foreign
exchange rates, general economic and business conditions, weather
and access to drilling locations, the availability and cost of
labour and services, environmental regulation, including regulation
relating to hydraulic fracturing and stimulation, the ability to
monetize hydrocarbons discovered, the regulatory and legal
environment and other risks associated with oil and gas operations.
The reader is cautioned that assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be incorrect. Actual results achieved
during the forecast period will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors. Although Alvopetro believes that
the expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because Alvopetro can
give no assurance that it will prove to be correct. Readers are
cautioned that the foregoing list of factors is not exhaustive.
Additional information on factors that could affect the operations
or financial results of Alvopetro are included in our annual
information form which may be accessed on Alvopetro's SEDAR profile
at www.sedar.com. The forward-looking information
contained in this news release is made as of the date hereof and
Alvopetro undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE Alvopetro Energy Ltd.