Alvopetro Announces November Production & Operational Update

Alvopetro Energy Ltd. announces November sales volumes and an operational update. November natural gas sales were 11.0 mmcfpd with associated natural gas liquids sales from condensate of 86 bopd, for an overall daily average of 1,924 boepd, based on field estimates, representing a 9% increase from our third quarter daily average sales and 2% from our average daily sales in October.

In the second half of December, we expect to commence a production test at our 183-1 well to evaluate the long-term deliverability of this well. The test is expected to take up to 45 days and results will determine the timing and extent of future activity on our Gomo project, including plans for an 8-kilometre flowline to connect the 183-1 well to our existing Caburé transfer pipeline. We have now received the necessary environmental permits for the construction of this flowline.

We have commenced civil construction for our 183-B1 and 182-C1 natural gas exploration prospects and expect to drill these wells in the first half of 2021.