Alvopetro Provides Operational Update

Source: 9/24/2014, Location: South America

Alvopetro Energy Ltd. is pleased to announce ongoing testing results from our 197(1) well on Block 197 and drilling results from the 183(1) well on Block 183, located in the Recôncavo Basin, Bahia State, Brazil.

Our 197(1) well was drilled to a total depth of 3,275 metres, and we encountered 43 metres of potential net hydrocarbon pay over several separate intervals, with an average porosity of 9.5 percent, using an 8 percent porosity cut-off. Given the geological potential displayed on our mud-logging and open-hole logs, we planned to initially test the productivity of three intervals discovered in our 197(1) well.

Below 3,000 metres measured depth, the 197(1) well encountered 16 metres of net pay within various sands. The lowermost 6 metres of net pay was perforated and flowed gas naturally, without stimulation, at a rate of 40 mcf/d, with no water, on an 8/64 inch choke, with a 250 psi flowing tubing pressure, during the course of a 67-hour flow test. The zone was then shut-in and put on a 10-day build-up test. Permeability is estimated at 0.05 millidarcies at a calculated skin factor of +10, and the initial reservoir pressure at the mid-point of the perforations is 3,922 psi. No water was seen on the test and after the build-up, 4 bbls of condensate was recovered during the suspension of the zone. Initial gas analysis indicates sweet gas with less than 2% carbon dioxide, no hydrogen sulphide, and an average compositional value of 78% C1 (methane), 13% C2 (ethane), 5% C3 (propane), and 2% C4 (butane). Natural gas liquids yields are currently being calculated from more extensive PVT (pressure, volume, temperature) gas analysis. This test data characterizes the resource as liquids rich, high-heat content, gas in an unconventional reservoir and, as expected, will require the application of modern reservoir enhancement techniques. This test result allows the company to model, procure equipment, and make application for a reservoir enhancement program, which will define the ultimate deliverability of this zone.

The lower zone was temporarily suspended with a wireline set drillable bridge plug and we proceeded up-hole to test the second zone, a continuous, thick, tight sand/silt sequence within the middle Gomo member, with a large mapped aerial extent over our lands. Based on logs this zone had average porosity of 6.1%, with only 5 metres of net pay meeting our porosity cut offs for inclusion in the 43 metres of net pay noted above. After perforating the zone, from 2,899 -2,917 metres, the well was swab tested for 72 hours, the maximum time allowed for under the post-drilling testing regulations in Brazil. The zone did not produce an appreciable amount of gas or fluid and has been temporarily suspended with a wireline set drillable bridge plug. As expected with a zone of this nature, there is little to no inflow into this tight zone from a vertical unstimulated well and a hydraulic reservoir enhancement will be required to determine the ultimate deliverability of the zone. Our main goal with this zone was to test the lower limits of porosity in the well, to obtain hydrocarbon samples, and to design the hydraulic reservoir enhancement for this zone.

We are now moving up-hole to test the third interval in 197(1) which is a more conventional sandstone interval with 20 metres of potential net pay with greater than 8% porosity. Based on open-hole logs, this zone has petrophysical characteristics similar to our Bom Lugar-1 producing well which had an initial unstimulated production rate of over 500 bopd and has cumulatively produced over 285,000 barrels of oil.

Alvopetro will continue the evaluation of the 197(1) well and we have procured surface production equipment to facilitate long-term production testing of any of the productive intervals in this well, pending customary approvals from the ANP.

On July 27, 2014, we commenced drilling our second well, 183(1), on Block 183. We have completed the recovery of over 40 metres of core and are currently drilling at a measured depth of 3,100 metres and expect to reach total depth of approximately 3,600 metres in early October.

Following the 183(1) well, we plan to commence drilling the 197(2) location on Block 197, which is a shallow conventional target offsetting an existing gas discovery. We then plan to drill a commitment well on Block 182 targeting a convention exploration prospect.

For more information about related Opportunities and Key Players visit Brazil Oil and Gas Projects

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