Alvopetro is Energized on Results of Caburé Unit Redetermination, Up 27% in PRISM Oil and Gas Index

Today PRISM Oil and Gas Index company, Alvopetro Energy Ltd. (ALVOF) announced the results of the Caburé Unit redetermination process. An appointed independent Expert found in favour of Alvopetro’s final proposal increasing its working interest to 56.2%. The stock has moved upwards of ~27% upon the announcement.

This has increased the working interest from 49.1% to 56.2% and this redetermined working interest will become effective June 1, 2024. Upon this date, Alvopetro’s entitlement to natural gas production from the Unit will increase to 13.9 MMcfpd (before additional NGL volumes), compared to average 2023 natural gas production from the Unit of 11.7 MMcfpd per day. In addition, the company will be pursuing its right to assume unit ownership upon the effective date.

Alvopetro Energy Ltd. is a Canadian-based energy company primarily engaged in the exploration, development, and production of natural gas and oil assets. Founded in 2013, Alvopetro focuses on developing unconventional gas reservoirs in the Reconcavo Basin, located in Bahia, Brazil. The company utilizes advanced drilling and completion techniques to optimize production from its assets.