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Alvopetro announces Block 256 update

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Oilfield Technology,

Alvopetro Energy Ltd. has announced that it has completed the drilling of the A1 well, located on Block 256 in the Recôncavo basin in the State of Bahia, Brazil. The 256(A1) well reached a total measured depth of 2292 m and did not discover commercial quantities of hydrocarbons. We plan to abandon the well. The 256(A1) well satisfies the company’s current phase exploration work commitment with the Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis of Brazil.

Alvopetro’s near-term focus is on building a natural gas business and it is actively working towards finalising a unitisation agreement with the adjacent resource owner while at the same time advancing negotiations to secure a gas sales contract in order to finalise the field commercialisation plan for the 197(2) gas discovery.

Alvopetro Energy Ltd.'s vision is to be the premier independent exploration and production company in Brazil, maximising shareholder value by applying innovation to underexploited opportunities. Our strategy is to focus on three core opportunities including lower risk development drilling on our mature fields, shallow conventional exploration, and the development of the significant hydrocarbon potential present in our deep Gomo tight-gas resource play. Our efforts in the near-term are concentrated on building a natural gas business by finalising a unitisation agreement and securing a gas sales contract for our 197(2) discovery.

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Adapted from a press by Louise Mulhall

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