ALVOF - Alvopetro Energy (ALVOF) - Drilling success paves the way for future growth

Alvopetro announced multizone discovery at exploratory well. Management announced that it has discovered 34.3 meters of potential net hydrocarbon pay on well 183-B1. The discovery follows similar results at sister well 182-C1 as announced in April. Both wells will begin production testing shortly, which will help determine well economics. The discovery of hydrocarbons in the wells is not unexpected but an important step in the company's growth plans.The wells are more exploratory in nature and represent a step out of current production. Alvopetro's drilling program can be described as a two-pronged approach that includes both developmental drilling in the Murucututu/Gomo Project and exploratory drilling in the block west of Gomo. Developmental drilling is needed to maintain production and fill out this summer's gas plant expansion to 18 MMcf/day. Exploratory drilling success is needed to justify future gas plant expansions in order to meet management's long-term goal of reaching 35 MMcf/day. Read More >>