CALGARY,
AB, Oct. 23, 2023 /CNW/ - Alvopetro Energy
Ltd. (TSXV: ALV) (OTCQX: ALVOF) is pleased to announce the release
of our 2022 Sustainability Report (the "Report"), highlighting our
approach to environmental, social and governance ("ESG") practices
for the year ended December 31, 2022
and outlining our commitment to building a sustainable future for
all of our stakeholders. A full copy of the Report, which was
approved by Alvopetro's Board of Directors, can be found on our
website at https://alvopetro.com/Sustainability.
2022 ESG highlights included:
- Natural gas focused production (96% of total 2022
production);
- Alvopetro's locally produced natural gas resulted in average
savings of 57% for consumers relative to imported LNG;
- Maintained low emission intensity with Scope 1 & 2
emissions intensity of 7.4 kg CO2e per boe;
- No reported environmental spills;
- Zero lost-time safety incidents;
- 33% of our total workforce and 38% of our senior leadership
team positions are held by women;
- Strengthened commitment to biodiversity and conservation with
our northeastern collared sloth conservation program;
- Expanded social investment programs to benefit over 600
recipients, increasing spending by 156% ; and,
- With increased production and cash flows, we paid over
$20 million in royalties, income
taxes and sales taxes, contributing to direct and indirect benefits
for the communities we operate and to Brazil as a whole.
Corporate Presentation
Alvopetro's updated corporate presentation is available on our
website at:
http://www.alvopetro.com/corporate-presentation.
Social Media
Follow Alvopetro on our social media channels at the following
links:
Twitter -
https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn -
https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube
-https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
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 and Murucututu natural gas fields
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.
All amounts contained in this new release are in
United States dollars, unless
otherwise stated and all tabular amounts are in thousands of
United States dollars, except as
otherwise noted.
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 Alvopetro's approach to ESG practices and plans for the
future. The forward‐looking statements are based on certain key
expectations and assumptions made by Alvopetro, including but not
limited to expectations and assumptions concerning the success of
future drilling, completion, testing, recompletion and development
activities, equipment availability, the timing of regulatory
licenses and approvals, the outlook for commodity markets and
ability to access capital markets, the impact of global pandemics
and other significant worldwide events, 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,
expectations regarding Alvopetro's working interest and the outcome
of any redeterminations, 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.sedarplus.ca. 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.